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J. P. Morgan buys OpenInvest, after missing out on Parametric, which Morgan Stanley nabbed; it's more about ESG, less about direct indexing, firm says

The New York City money manager finally has a foothold in the ESG game, helping RIAs actively manage indexes, but it's footprint, starting out, is small.

Author Brooke Southall June 29, 2021 at 6:29 PM
1 Comment
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Mary Erdoes: Clients are beginning to understand the environmental, social, and governance (ESG) impact of their portfolios.

Jamie Dimon

Brian Murphy

Brian Murphy

June 29, 2021 — 8:04 PM
ESG is a red herring, propagated by the financial services industry to drive fees; nothing more. The fact that OpenInvest raised > $20MM in funding to get to $105MM in AUM points out that they simply couldn't find a viable market for their offering. I would be surprised if outside investors got anywhere close to their money back on this. This is a tuck-in investment along the lines of Motif a year ago.

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March 9, 2023 at 1:23 AM

In RIA custody milieu, Charlie Scharf's BNY Mellon exit for Wells Fargo is latest unforeseen vapor trail after Lisa Dolly, Tim Hockey, Terri Kallsen, Andy Gill and others fade into the firmament

The CEO-for-rent will face a monumental challenge turning around Wells Fargo, but perhaps not as bleak a landscape for profit margins; Is the RIA free ride coming to an end?

October 1, 2019 at 1:06 AM

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