An asset management firm launched Monday that seeks to "restore the voices" of everyday citizens within the halls of corporate America, expects to launch exchange-traded funds, according to its executive chairman.
Vivek Ramaswamy, a co-founder and the executive chairman of Strive Asset Management, said he believes that the largest asset managers today "don't actually advance the best interests of their client" when it comes to how they vote their shares or advocate in corporate America on clients' behalf.
He believes most Americans would like to see corporate America focus exclusively on delivering excellent products and services to their customers rather than on "divisive political or social ideologies." Across the U.S. economy, some of the leading companies competing in various sectors have something in common, Mr. Ramaswamy said.
"In many cases today, among the top shareholders are the same three firms — BlackRock, State Street and Vanguard," he said, adding that those firms, which together manage more than $20 trillion, "are all advancing this monolithic viewpoint that doesn't represent the true diversity of underlying perspectives in the American economy."
Columbus, Ohio-based Strive plans to launch its first product in this year's third quarter, he said.
"And I'm also confirming for you that we will be in the business of launching ETFs," Mr. Ramaswamy said. "I will stop short of saying definitively that our first product will be an ETF."