UBS Venture Unit Leads New Wealthtech US$50M Series C Funding Round

UBS Venture Unit Leads New Wealthtech US$50M Series C Funding Round

by September 20, 2022

New York-based asset management platform Ethic has closed a US$50 million Series C funding round led by the Jordan Park Group, with participation from UBS’ venture unit UBS Next.

The round also saw participation from existing investors including Oak HC/FT, Nyca Partners, Sound Ventures, Urban Innovation Fund and Kapor Capital.

Ethic provides financial intermediaries with custom equity portfolios that can be tailored to end clients’ individual sustainability, financial, charitable giving and tax management preferences.


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The company has grown rapidly since its US$29 million Series B raise in 2021, surpassing US$2 billion in assets and expanding its team headcount by more than 70 percent.

Its focus on “impact” is endorsed by the Duke and Duchess of Sussex Harry and Meghan, and its impact reporting feature was awarded the 2022 Model Wealth Manager award from global advisory firm Celent.

Doug Scott

Doug Scott

“Our personalised approach, which allows people to create portfolios that reflect their own unique definitions of sustainability, has helped facilitate our rapid growth with intermediaries and their clients,”

said Doug Scott, Co-Founder and CEO of Ethic.

Mike Dargan

Mike Dargan

“Through UBS Next, we encourage technology-driven innovation and support ideas that have the power to shape the future of banking to meet clients’ evolving needs,”

said Mike Dargan, UBS Group Chief Digital and Information Officer.

“Through our investment in Ethic, we also aim to increase access to customizable, sustainable investment offerings to a much broader set of investors.”

 

UBS Next previously announced that it had invested in US-based IT operations platform BigPanda.

 

This article first appeared on fintechnews.am

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