Prince Harry and Meghan Markle today announced they are moving into banking and vowed to ‘change the world’ by putting their money into an investment firm called Ethic, after being introduced to its self-styled ‘hippy’ founders by friends.
The Sussexes, who experts believe are well on the way to building a $1billion brand in the US after quitting the Royal Family for independence and to earn their own money, have been appointed ‘impact partners’ at Ethic, a New York-based fintech asset manager pumping money into companies with what they deem acceptable environmental and social goals.
Harry and Meghan’s latest move into big business came after their deals with Netflix and Spotify worth £100million and the couple announced their latest tie-up with a statement that said: ‘When we invest in each other we change the world’.
And in a joint interview with the New York Times, Meghan, a multi-millionaire former actress who lives with her royal husband and children in a $14million LA mansion, 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?”,’ adding the couple were introduced to Ethic by friends. It is not yet known how much they invested ‘earlier this year’ or if they are both being paid a salary for their ‘impact partner’ roles.
Ethic, which was set up by Briton Jay Lipman, a red-haired Prince Harry lookalike from London now settled in the US having worked for Deutsche Bank, claims to only invest in businesses that meet its ‘social responsibility criteria’, including on racial justice, climate change and workplace standards such as gender equality and fair pay.
His co-founders are Australians Doug Scott and Johny Mair, who worked for banks investing in gas and oil amongst other things before they formed Ethic in 2015.
Mr Lipman, a University of Edinburgh graduate, has said previously that Ethic ‘loves hippies’ to invest with them, because he and his team consider themselves hippies too. He claims clients make just as much money with them as those putting money into more traditional portfolios including fossil fuels and tobacco companies.
Mr Scott, who worked in investment banking at Deutsche Bank, was listed on the Forbes 30 Under 30 and raised by ‘two forward-thinking social and environmental activists’, according to Ethic’s website.
Meanwhile Mr Mair, who studied Mechanical Engineering at Queensland University of Technology, has led product teams at a number of ‘high-growth startups’ including Deutsche Bank, JPMorgan, BlackRock, Fidelity, Guy Carpenter and Goldman Sachs.
Meghan and Harry in New York last month as it was today announced they are becoming ‘impact partners’ and investors at sustainable investing firm Ethic
The couple say they were introduced to Ethic by friends. The investment firm has a $1.3billion fund and only invests in firms it deems fair and green
Ethic was founded in 2015 by Briton Jay Lipman and Australian friends Doug Scott and Johny Mair (pictured left to right). All three worked investment banking, including funds investing in oil, before setting up their $1.3billion fund in New York
Australians Mr Scott (pictured left) and Mr Mair (right), who worked for banks investing in gas and oil amongst other things before they formed Ethic in 2015
British Prince Harry lookalike who wants fellow ‘hippies’ to invest in his ‘ethical’ $1.3billion fund founded with Australian friends who worked for Deutsche Bank and JP Morgan
Ethic was co-founded by Briton Jay Lipman, who studied at the University of Edinburgh before moving to California. He says Ethics’ goal is to ‘mainstream sustainable investing’ and clients will make just as much money as people putting money into traditional portfolios including oil and tobacco companies, for example
Ethic was founded in 2015 by Briton Jay Lipman, a former Deutsche Bank executive who promises customers their cash only
His co-founders are Australians Doug Scott and Johny Mair, who he is understood to have met in the US, where he studied at UCLA after graduating from the University of Edinburgh.
Educated at a school outside London, he took a gap year and booked a one-way flight to Tanzania to work in an orphanage.
Unfortunately he almost immediately caught malaria and had to come home to England, which he says encouraged him to go into ethical banking.
After working for Deutsche Bank – he then set up Ethic with Scott and Mair.
He said: ‘I realised there is little I can do by myself to change things significantly, but a lot I could do by changing systems’.
His team in New York has staff who worked for the world’s biggest investment banks including Goldman Sachs and JPMorgan.
Co-founder Doug Scott went to the University of Melbourne before entering world of investment banking, specifically with oil and gas.
He said he ‘struggled internally’ with investing in fossil fuels and moved to San Francisco where he met Jay and Johny Mair.
Mr Mair, also an Australian moved to London to work for Deutsche Bank and then to New York before taking a job at JP Morgan. After a number of other jobs on Wall Street he moved to tech firms before forming Ethic.
The Duke and Duchess of Sussex have already signed major deals with Netflix and Spotify thought to be worth in excess of £100 million after quitting as senior working royals and moving to the US in a quest for personal freedom and to earn their own money.
In March he told Oprah he was forced to flee to Canada and make multi-million pound deals with Spotify and Netflix after he claimed the Royal Family ‘literally cut me off financially’ after the couple quit in January 2020.
Harry also has a number of other jobs, including at a California-based mental health start-up whose value has now topped £3billion after securing new funding from some of Silicon Valley’s biggest players.
BetterUp, which took on the Duke of Sussex as ‘chief impact officer’ in March, has raised £220million from investors, valuing the company at around £3.4billion. One of the leaders of the funding round was Iconiq Capital, a secretive investment firm which has managed the money of tech billionaires including Facebook boss Mark Zuckerberg and Twitter founder Jack Dorsey.
Now the Sussexes have become ‘impact partners’ and investors at sustainable investing firm Ethic.
Jay Lipman, the British co-founder of Ethic, recently said in a video on their website that they ‘like hippies’ as a company and considered themselves hippies too despite managing a $1billion fund.
Harry and Meghan’s Archewell website confirmed their latest business partnership, linking to a New York Times story which featured the headline ‘Harry and Meghan Get into Finance’.
The Archewell website said: ‘When we invest in each other we change the world…’
It added: ‘We believe it’s time for more people to have a seat at the table when decisions are made that impact everyone.
‘We want to rethink the nature of investing to help solve the global issues we all face.’
Ethic’s website said it aims to empower wealth advisors and investors to create portfolios that align personal values with financial goals.
The Sussexes hope their involvement will encourage young people to be conscious of the sustainability of their own investments.
Harry told the New York Times: ‘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 couple’s Archewell website highlighted their latest business venture, linking to the New York Times’ story which featured the headline ‘Harry and Meghan Get into Finance’
The Queen’s grandson Harry and former Suits star Meghan acknowledged that not everyone could afford to invest money.
‘When we invest in each other we change the world…’ the Archewell site said.
‘Be it through the investment of time (as with mentoring), investment in community (as with volunteering), or the investment of funds (for those who have the means to), our choices-of how and where we put our energy-define us as a global community.’
Ethic said it was thrilled to be welcoming the couple.
Harry and Meghan ‘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,’ a statement on its website said.
It said the Sussexes wanted to ‘shine a light on how we can all impact the causes that affect our communities’.
‘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,’ it added.
‘So much so, in fact, that they became investors in Ethic earlier this year and have investments managed by Ethic as well.
Ethic, which was founded in 2015, has $1.3billion under management and creates separately managed accounts to invest in social responsibility themes. It aims to empower wealth advisers and investors to create portfolios that align personal values with financial goals.
Prince Harry and Meghan Markle descended on the Big Apple in late September, and this may have been when the deal was done. Some observers compared the New York trip to a royal visit, which Meghan and Harry had wanted to leave behind.
While in NYC they were given the A-list treatment, being chaperoned around by a large security detail as they mingled with UN officials and New York politicians and stayed in a hotel where rooms cost up to $8,800 a night.
Meghan Markle and Prince Harry pose for a photo with US Ambassador to the UN Linda Thomas-Greenfield at 50 UN Plaza last month while visiting New York
Are Harry and Meghan receiving federal protection while travelling in the US?
The male bodyguard, dressed in a smart grey suit and black wingtips that had been resoled with comfortable sneaker soles, was spotted outside the Carlyle Hotel between jaunts escorting the couple.
He told a DailyMail.com reporter he was with DHS, but didn’t specify which agency, leaving possible federal involvement in the couple’s visit to New York a mystery.
DHS did not immediately respond to multiple inquiries from DailyMail.com. The federal department encompasses a number of agencies with sworn police services, including the Secret Service, Federal Protective Service, and Homeland Security Investigations (HSI).
The Secret Service typically only protects visiting heads of state and their immediate families within the US, while lesser dignitaries fall under the protection of the State Department, according to former Secret Service Agent Jonathan Wackrow.
This bodyguard, seen behind Harry and Meghan, told one journalist he was working for the Department of Homeland Security
Wackrow said that UN general assembly had stretched the resources of the State Department’s Diplomatic Security Service, which has protected Harry during past official visits to the US when he was a working Royal.
He said it was possible HSI or agents from another DHS agency were supplementing the State Department’s protective efforts during the busy UN session.
‘Right now, under the United Nations General Assembly, it’s all hands on deck for federal protection,’ Wackrow told DailyMail.com in a phone interview.
‘HSI have been brought in to provide supplemental protection… you may have this agent from HSI supplementing that detail,’ he said of the Duke and Duchess’ protective team.
Wackrow noted that, although they have stepped down from official duties, Harry and Meghan are still family members of the British head of state, and thus might reasonably expect some government protection while in a high threat environment, such as Manhattan during the general assembly.
‘While they are not the head of state for the United Kingdom, they are part of the head of state’s family and at times such as summits, global gatherings, it is warranted they receive some level of protection, even if it is taxpayer funded protection,’ he said.
‘If something were to happen in New York, and the government were not extending protection to the Duke and Duchess, that would be a major diplomatic incident.’
The Sussexes – who dramatically quit their roles as working royals last year – met with US Ambassador to the UN Linda Thomas-Greenfield at 50 UN Plaza in Manhattan for an ‘important discussion’ on COVID-19, racial justice and mental health at the end of last month.
The ambassador described the meeting as ‘wonderful’ as she shared snaps of the trio chatting on sofas in a lounge area and then posing in front of UN branding.
Meghan, 40, and Harry, 37, were spotted leaving the residential building close to the United Nations Global Headquarters before the eco-warrior couple clambered into their gas-guzzling SUVs.
They then paid a visit to the World Health Organization headquarters at 885 Second Avenue, where they emerged carrying both WHO documents and documents featuring their Archewell Foundation branding.
The former actress clutched what appeared to be a black leather laptop case which matched her dark outfit, sunglasses and face mask.
She had dressed for fall in head to toe dark navy blue for their morning visit to the 9/11 memorial and One World Trade Center despite the humid 80F New York City weather.
Meghan then added some color to her somber attire for the afternoon jaunt, swapping her wide-legged dark trousers and coat for a dark pencil skirt and long tan Max Mara coat – while accessorizing with a $3,350 tan Valextra handbag.
Harry also accessorized with a black leather laptop sleeve under his arm with ‘Archie’s Papa’ emblazoned on it – a doting nod to the couple’s two-year-old son.
The afternoon meeting in the residential building, which houses the lavish 37-floor penthouse which Thomas-Greenfield calls home, lasted around an hour, before they reemerged flanked by a large security detail and got into their waiting vehicles which drove them back to their lavish hotel.
This marked the second stop on their New York visit – their first major public appearance since they shocked the world by stepping back as senior working members of the royal family.
They had paid a visit to the 9/11 memorial and One World Trade Center, during which they met with New York Governor Kathy Hochul, NYC Mayor Bill de Blasio, National September 11 Memorial & Museum President Alice Greenwald and Patricia Harris, CEO of Bloomberg Philanthropy.
While atop the One World Trade Center, Meghan smiled and said ‘it’s wonderful to be back’ in New York – almost exactly two years on from her last visit in September 2019 when she cheered on close friend and tennis star Serena Williams at the 2019 US Open.
The Duchess spoke moments before she and her husband visited the 9/11 Memorial and Museum, to pay their respects less than two weeks after the 20th anniversary of the terrorist attacks.
Meghan and Harry then made a pit stop back to the luxury Carlyle Hotel on Manhattan’s Upper East Side where the top-tier suite costs a staggering $8,800 a night.
The couple are staying there for the duration of their four-day trip and were seen dining in the swanky hotel restaurant, after arriving into the Big Apple from their home in California.
The prince also changed outfits for the occasion, with a less sobering dark gray suit and blue tie.
Ambassador Thomas-Greenfield tweeted photos from their ‘wonderful’ visit, revealing they discussed COVID-19, racial justice and mental health.
‘Wonderful meeting with Prince Harry and Meghan, The Duke and Duchess of Sussex.
‘Important discussion of COVID, racial justice, and raising mental health awareness,’ she wrote on social media.
The details of the Sussexes’ trip to the Big Apple have been a closely guarded secret.
They are scheduled to appear at Saturday’s Global Citizen concert in Central Park which focuses on vaccine equity.
DailyMail.com has reached out to the UN Global HQ, the mayor’s office, the governor’s office and the Archewell Foundation for further information about the Sussexes’ schedule and purpose of the meetings.
It is unclear if the Sussexes – famed for their pronouncements on climate change – arrived in New York on a commercial flight or flew there by private jet.
It is also unclear who is paying for the trip and providing the security detail around the Sussexes.
A spokesperson for the NYPD told DailyMail.com they were unsure of who was providing the Sussexes security, that they had not heard about their officers being drafted in to provide cover, and added that they doubted the department would do so.
Several NYPD and Port Authority officers were present at the World Trade Center cordoning off the area during their morning visit. One Port Authority officer told DailyMail.com he had only learned of the famous couple’s visit that morning.
DailyMail.com has also reached out to the Department of Homeland Security and the DHS Secret Service to ask if they are providing security for the couple’s visit.
One guard seen accompanying the couple claimed he was with the Department of Homeland Security, but refused to be drawn further on his job title.
Meghan said ‘It’s wonderful to be back’ while posing with NY Governor Kathy Hochul (furthest left) and NYC Mayor Bill de Blasio (next to Harry) as well as De Blasio’s wife Chirlane McCray, and the couple’s son Dante, furthest right,
The couple took a moment of silence at the wreath on the site of the Twin Towers during their trip to the Big Apple
Meghan Markle looked solemn as she paid her respects to the victims of the September 11 2001 terrorist attacks
Harry and Meghan’s deals since moving to the US – from Netflix and Spotify to a mental health start-up
September 2020 – It is revealed Harry and Meghan signed a deal with Netflix to provide exclusive content to the streaming service’s 190 million subscribers worldwide. The agreement is estimated to be worth around $130 million and will see them produce content that provides ‘hope and inspiration’. In a statement, the Sussexes said: ‘Our focus will be on creating content that informs but also gives hope. As new parents, making inspirational family programming is also important to us.’ They added that Netflix’s ‘unprecedented reach will help us share impactful content that unlocks action.’
December 2020 – The Duke and Duchess of Sussex are revealed to have signed a $40million deal with music and podcast streaming service Spotify. The Sussexes – who officially left the Royal Family a week prior – will produce and host their own shows as part of the newly formed Archewell Audio. The firm has not revealed what the contract is worth, but the streaming service agreed a $100m deal with US comedian Joe Rogan last May. The Mirror reported Harry and Meghan would be paid $40million – other sources put it closer to $27million.
March 2021 – Harry becomes ‘chief impact officer’ at California-based mental health start-up BetterUp. By October the company has raised $300million from investors, valuing it at around $4.6billion. The firm has not disclosed how much he is paid or if he owns shares or stock options.
July 2021 – Prince Harry is revealed to have clinched a lucrative four-book deal – with the second due out only after the Queen has died. Industry insiders said the ‘tell-all’ tome unveiled by Harry is only the ‘tip of the iceberg’. Sources said the Duke of Sussex oversaw the bidding and told publishing houses to begin at $24million, with the final figure possibly reaching $39million. The deal will see a memoir released next year – when it is the Queen’s platinum jubilee – with the second book to be held back until after her death. Harry’s wife Meghan is to pen a ‘wellness’ guide as part of the contract with Penguin Random House. The subject and author of the fourth title is unknown.
Meghan last visited the city in September 2019 when she made the surprise stop at the US Open.
This came seven months after her last trip, when pals including Amal Clooney and Gayle King held a lavish baby shower for her at The Mark Hotel’s $75,000-a-night penthouse suite on Manhattan’s Upper East Side.
The Duchess traveled to that event from London on a private jet, with the bash estimated to have cost $500,000.
During their first stop on their Big Apple trip, Meghan and Harry posed for photos in front of the One World Trade Center observatory’s floor-to-ceiling windows, which offer stunning views of New York City and New Jersey.
The Sussexes were joined by Governor Hochul, 63, Mayor de Blasio, 60, de Blasio’s wife Chirlane McCray, 66, and the couple’s son Dante, 24.
Harry and Meghan then visited the 9/11 memorial pools around 9am EST.
The couple inspected the large black pools, built in the footprints of the original Twin Towers, before entering the 9/11 Museum, which sits underneath, and spending around half an hour inside.
Harry and Meghan, who donned somber dark outfits, walked hand-in-hand around the memorial pools and museum accompanied by National September 11 Memorial & Museum President Alice Greenwald and Patricia Harris from Bloomberg Philanthropy.
The couple’s two-year-old son Archie and three month-old daughter Lilibet remain at home in California.
Harry and Meghan arrived at One World Trade Center in sombre outfits, likely chosen for their planned trip to the nearby 9/11 Memorial afterwards.
The couple exited a black SUV, and were whisked up to the skyscraper’s viewing deck – which sits between floors 100 and 102 – to meet Hochul and de Blasio, who arrived moments before the royals.
Meghan donned a stylish dark blue outfit, with a matching jacket, polo neck, wide-legged trousers, heels and her hair swept back into a business-like bun. She wore simple pearl earrings and muted makeup.
Harry wore a complementary dark suit and tie. The couple were snapped donning black face masks as they entered One World Trade Center.
They held hands as the walked up the steps of the building, with Harry giving a wave to watching fans who shouted his name on seeing him.
No details on why the royals are meeting with the Democrat lawmakers and what they plan to discuss were shared in advance.
De Blasio’s wife Chirlane McCray, 66, and the mayoral couple’s son Dante, 24, were also there to welcome the royal couple, who are visiting from their home in Montecito, California.
The mayor and governor arrived and entered the building a few minutes ahead of the Sussexes.
A small group of taxi drivers protested the event to call on Mayor de Blasio to offer additional protection for yellow cab drivers who’ve been hit by the rise in popularity of ride-hailing apps such as Uber and Lyft, with security also present to guard the royals and politicians.
‘De Blasio help the cabbies, Mr. Mayor help the cabbies,’ the group chanted as de Blasio arrived at the building.
One of the drivers told DailyMail.com the mayor should focus on supporting New Yorkers rather than mingling with royals.
‘The mayor should take care of the people, not spend money on this,’ said Barbara Basiaosowca.
Harry and Meghan vow to ‘change the world’ by moving into ‘ethical’ banking