Prince Harry, Meghan Markle become ‘impact partners’ of Aussies’ New York investment banking company

Sussexes announce they have become ‘impact partners’ of a New York investment banking company run by two Australians.

Prince Harry and Meghan Markle pictured last month in New York City. Photo AFP

Prince Harry and Meghan Markle have become “impact partners’’ of a New York investment company run by two Australians.

The Sussexes announced on Tuesday that they had joined forces with Ethic, a socially-aware asset management company founded by former Deutsche Bank employees Doug Scott of Melbourne, Johny Mair of Brisbane and University of Edinburgh graduate Jay Lipman.

The trio set up Ethic in New York in 2015 and were introduced to Harry and Meghan by mutual friends.

Ethic, which has $US1.3bn under management, said in a statement that the royal couple “became investors in Ethic earlier this year and have investments managed by Ethic as well”.

In March this year, 37-year-old Harry bemoaned that his father Prince Charles cut off his allowance after abandoning royal life for California in January 2020, and he had to rely on his inheritance from his mother, Diana the Princess of Wales. It is unclear how much of the couple’s $US150m generated from contracts with media companies Netflix and Spotify have been invested with Ethic.

It is also unclear if they are being paid to promote the firm.

We're thrilled to welcome Prince Harry and Meghan, The Duke and Duchess of Sussex, as impact partners at Ethic. Together, we are committed to creating a more inclusive, resilient and sustainable future. Learn more: https://t.co/zMDWS0Gg7u

— Ethic (@ethicinvesting) October 12, 2021

In a statement the Sussexes said: “When we invest in each other we change the world”. In an interview with the New York Times, Meghan, 40, said: “From the world I come from, you don’t talk about investing, right? You don’t have the luxury to invest. That sounds so fancy.” She added: “My husband has been saying for years, ‘Gosh, don’t you wish there was a place where if your values were aligned like this, you could put your money to that same sort of thing?’”

Harry told the paper: “You already have the younger generation voting with their dollars and their pounds, you know, all over the world when it comes to brands they select and choose from.’’

The Ethic website says Mair was raised in Australia and driven by a love of technology, collaborating and bringing ideas to life, and has led product teams at Deutsche Bank, JPMorgan, BlackRock, Fidelity, Guy Carpenter, Goldman Sachs and a number of high-growth start-ups before co-founding Ethic.

Prince Harry and Meghan Markle are getting into the business of finance through asset manager @ethicinvesting@andrewrsorkin reports: pic.twitter.com/VMcH5Yf6nU

— Squawk Box (@SquawkCNBC) October 12, 2021

Scott was “raised in Australia by two forward-thinking social and environmental activists’’, adding “Doug co-created Ethic to help solve many of the largest issues facing humanity.”

“Prince Harry and Meghan, The Duke and Duchess of Sussex, share a lot of values with us, and we suspect, with many of you as well. That’s why we’re so excited that they’re joining us as impact partners,” an Ethic statement said.

“They’re deeply committed to helping address the defining issues of our time – such as climate, gender equity, health, racial justice, human rights, and strengthening democracy – and understand that these issues are inherently interconnected.

“Now they want to shine a light on how we can all impact the causes that affect our communities, bring transparency into how the corporate world sets the tone and shapes outcomes for everyday families, and believe that more people should have a seat at the table when it comes to making progress.”