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Strive Asset Management is expanding into direct indexing, accelerating its diversification beyond investment products.
The company said it had contracted to use Vestmark’s Vast turnkey portfolio management technology for the direct-indexing foray, and signed agreements with Fidelity and Charles Schwab to list the service on their platforms.
The new service features daily scanning for tax-loss harvesting and in-kind transfers from existing equity portfolios, as well as proxy voting and engagement services consistent with Strive’s anti-environmental, social and governance investing ethos.
“Strive’s direct indexing focuses on the best financial outcome for the client and includes full proxy voting coverage and corporate engagement from our in-house corporate governance team without regard to ESG or DEI [diversity, equity and inclusion] constraints,” the announcement reads.
Strive has recently announced the launch of a wealth management division, and early this year it broke into the retirement plan business, rolling out a pooled-employer plan jointly with Ameritas.
The proxy advisory service started last year, but it has struggled to drum up business.
All the new businesses hew to the “stakeholder capitalism” principles that animated Strive’s debut as an asset management business two and a half years ago.
The manager’s public profile, meanwhile, is on an upward surge with this month’s election of Donald Trump.
Co-founder and majority owner Vivek Ramaswamy had been a vocal supporter of Trump during the campaign and, along with Tesla chief executive Elon Musk, will lead the new Department of Government Efficiency, to be formed after Trump takes office.
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