State Street Leads $64M Raise for Asset Management Platform
State Street Global Advisors (SSGA), the asset management division of State Street Corporation, is spearheading a $64 million Series D equity investment in Ethic, a technology-driven asset management platform. Alongside this financial commitment, SSGA has forged a strategic partnership with Ethic aimed at delivering innovative and personalized investment solutions.
This collaboration will focus on developing customized separately managed accounts (SMAs), model portfolios, and unified managed accounts (UMAs) to address the increasing demand for tailored, values-driven, and tax-efficient investment options.
The new investment raises Ethic’s total capital to nearly $163 million since its inception in 2015. “We see our role as empowering intermediaries to help their clients invest in the future that they want to see,” said Doug Scott, CEO and co-founder at Ethic.
Ethic’s most recent Form ADV indicates that the firm oversees nearly $6 billion in client assets. Its assets under management have consistently increased, exceeding $2 billion by late 2022, after crossing the $1 billion mark in June 2021.
“This new partnership underscores our broader commitment to meeting the growing demand for customized portfolios,” added Yie-Hsin Hung, CEO of State Street Global Advisors.
SSGA, the fourth largest asset manager in the world, manages $4.72 trillion in assets.
