Ladenburg Thalmann Financial Services Inc. announced Aug. 13 that it made an investment in Newday Financial Technologies Inc., a startup institutional asset management company founded in 2017 that offers low-cost investment strategies with a special focus on new investors, especially millennials.
Financial terms were not publicly disclosed.
Newday is the second investment by the Ladenburg Innovation Lab, which the firm launched in 2018 to establish stronger relationships with financial technology entrepreneurs.
Newday's platform allows people to make investments for as low as $5 in portfolios designed to align with values such as environmental sustainability, animal welfare rights and gender equality, according to a news release. The company has seven investment funds based on the United Nations' sustainable development goals.