Strive Enterprises, co-founded by former Republican presidential candidate Vivek Ramaswamy, is slated to move its headquarters to Dallas.
The wealth management firm, launched in 2022, is known for its “non-woke” and anti-ESG exchange-traded funds (EFTs).
ESG, which refers to environmental, social, and governance policies, is incorporated into the investment mandates of many large asset managers, like Vanguard, BlackRock, and State Street.
ESG has not been without controversy. Earlier this year, Texas cut its association with BlackRock, removing them as managers of the Permanent School Fund’s $8.5 billion portfolio.
Strive plans to make the Lone Star State its new home when it relocates to Dallas.
“For years, many of the largest financial firms have used their clients’ money – your money – to push their social and political agendas, often in the name of ESG, DEI, and other stakeholder-focused initiatives,” reads a message on the firm’s website.
“Strive was started to combat these value-destructive agendas and offer investors an option that can put them on a path to True Financial Freedom. We believe in American exceptionalism, that an advisor’s financial responsibility to their clients drives wealth creation, and that True Financial Freedom requires more than Financial Wealth — it requires Financial Liberty.”
Strive will bring with it $1.7 billion in assets under management. The news marks another milestone in the expanding financial scene in the Metroplex.
Dallas-Fort Worth ranks as the second-biggest hub of financial employees in the country.
Over the past 20 years, North Texas has experienced a 111% increase in investment banking and securities jobs, compared to just 16% for New York during that same period.
Gov. Greg Abbott, a vocal opponent of ESG, praised the financial firm’s planned move to the state.
“Y’all Street is growing rapidly in Dallas, and Strive’s decision to relocate to Texas underscores our economic advantages that attract top businesses,” Abbott said, per WFAA.
“When Strive launched in 2022, nearly every major corporation bent the knee to ESG… Just two short years later, the national environment has changed dramatically, in no small part due to Strive’s efforts,” said Ramaswamy.
