Ohio-based Strive launches as alternative to 'Big 3' asset managers

Ohio-based asset manager Strive Asset Management announced its launch, raising more than $20 million in seed financing from various venture capital firms.

Strive aims to offer an alternative to the "Big 3" asset managers — BlackRock Inc., Vanguard Group Inc. and State Street Corp. that control over $20 trillion in assets — that the company says "advance political ideologies that many of their clients disagree with," according to a news release.

BlackRock, Vanguard and State Street have either adopted language, set targets or rolled out products that support a wider environmental, social and corporate governance-related agenda.

The asset manager also said it advances "excellence capitalism" that pushes American companies to "focus exclusively on delivering excellent products and services to customers, rather than mixing business with politics."

Co-founded by Vivek Ramaswamy and Anson Frericks, Strive secured its seed financing from institutions such as Founders Fund Inc., Narya Capital and Flex Capital. PayPal Holdings Inc. co-founder Peter Thiel, fund manager Bill Ackman, Palantir Technologies Inc. co-founder Joe Lonsdale, among other investors, also contributed to the seed financing.