Republican presidential candidate businessman Vivek Ramaswamy speaks to friends on the Iowa Religion & Freedom Coalition Spring Kick-Off on April 22, 2023 in Clive, Iowa.
Scott Olson | Getty Photos
Republican presidential hopeful Vivek Ramaswamy constructed his White Home bid round urging firms to remain out of politics.
What he does not inform voters is the asset administration agency he co-founded has engaged extra with Republican Occasion officers behind the scenes than was beforehand recognized, in accordance with non-public e mail correspondence reviewed by CNBC.
The emails present how the agency, Try Asset Administration, grew to become a lead organizer and voice towards environmental, social and governance, or ESG, investing, each earlier than and since Ramaswamy entered the presidential race in February.
Ramaswamy advised CNBC in an interview Thursday that he stepped away from his position as government chairman of the agency and is not on its board whereas he runs for president.
When he launched his firm final yr, Ramaswamy advised CNBC that companies ought to “deal with excellence over politics.” He slammed ESG-style investing by BlackRock, State Avenue and Vanguard, and accused the companies of utilizing “their shoppers’ capital to advocate for viewpoints within the boardrooms of company America that the majority of their very own shoppers disagree with.”
Ramaswamy and his agency have since jumped into the political conflict over ESG investing platforms, in accordance with the emails, which had been obtained by watchdog Documented and offered to CNBC. The messages present Ramaswamy’s agency actively engaged with GOP state leaders who’ve defended the fossil gas business and criticized environmentally aware funding requirements.
Ramaswamy on Thursday defended the agency’s engagement with GOP officers, saying greater companies BlackRock, Vanguard and State Avenue have performed related practices with state officers throughout the nation.
“The largest asset allocators into the asset administration techniques are state pension funds and BlackRock, State Avenue, Vanguard, Invesco and others, are repeatedly engaged,” Ramaswamy advised CNBC. “It is only a laborious incontrovertible fact that these establishments have for many years been educating, discussing with states and pension fund techniques, the deserves of ESG primarily based funding framework. Try is bringing another perspective to bear throughout the market.”
Since he started his marketing campaign, Ramaswamy has deferred questions on Try’s enterprise technique to the agency.

Try CEO Matt Cole echoed Ramaswamy’s remarks in an interview with CNBC.
“We’re simply copying the playbook of BlackRock, State Avenue and Vanguard,” Cole stated Thursday. When requested in regards to the emails displaying how the agency has turn into a number one organizer towards ESG investing, Cole stated: “I feel Try is the main voice in America pushing in favor of shareholder capitalism.”
Try has turn into one of many extra vocal opponents of ESG investing and has gained sufficient notoriety to problem the likes of fossil gas big ExxonMobil. Ramaswamy, as Try’s government chairman, despatched a letter to Exxon in November saying the corporate’s board “displays an overrepresentation of administrators whose principal focus seems to be on Exxon’s local weather change technique.”
Ramaswamy later secured a gathering with Exxon CEO Darren Woods. Try stated in a December press launch that the oil and gasoline government “pushed again on sure factors in Try’s letter however dedicated to exploring appropriate administrators for Exxon’s board with related business experience.” A month after the assembly, Exxon introduced it will add Lawrence Kellner, a former CEO of Continental Airways, and John Harris II, a former CEO of Raytheon Worldwide, to its board.
Ramaswamy’s agency on the similar time centered its funding technique on fossil fuels. Try launched an ETF in 2022 referred to as Try U.S. Vitality, which is listed on the New York Inventory Change as DRLL. The fund’s truth sheet lists Exxon, Chevron and ConocoPhillips as its prime three holdings. It has web property of over $300 million.
Ramaswamy advised CNBC on the day the ETF launched that Try “is delivering a brand new mandate.”
“What I name the submit ESG mandate to the U.S. vitality sector to drill for extra oil,” he stated on the time. “To frack for extra pure gasoline. To do no matter permits them to be most profitable over the long term with out regard to political, social, cultural or environmental agendas.”
The agency’s general property below administration whole over $520 million, in accordance with a regulatory submitting signed in February and submitted by Try to the Securities and Change Fee. The shape was signed per week after Ramaswamy introduced he was working for president, and reveals that at the moment his possession stake in Try was no less than 50%. Ramaswamy didn’t dispute within the CNBC interview that he nonetheless owns no less than 50% of the corporate.
Cole confirmed that the possession construction listed on the submitting has not modified since Ramaswamy introduced his run for president. He added that Try, as of Wednesday, had about $680 million in property below administration.
Try strikes to prepare ESG discussion board
Ramaswamy has solid himself for years as a number one tradition warrior towards main companies and prolonged his struggle to the marketing campaign path. He co-founded the anti-ESG agency in 2022, a yr after he revealed a ebook referred to as “Woke, Inc.: Inside Company America’s Social Justice Rip-off,” which takes on the idea of stakeholder capitalism.
His declared and potential rivals, together with former President Donald Trump and Florida Gov. Ron DeSantis, have typically attacked ESG investing requirements and companies that help social causes — an more and more frequent chorus inside the GOP.
The opposition to companies expressing political opinions has helped to propel Ramaswamy to the highest tier of the Republican main, in accordance with early polls. One latest Morning Seek the advice of survey discovered him, in a hypothetical GOP main discipline, tied with former Vice President Mike Pence for third place with 5% of help. He trailed solely Trump at 60% and DeSantis at 19%.
Trump has raved about Ramaswamy, saying his constructive feedback in regards to the Trump administration are “the rationale he’s doing so effectively.”
The emails recommend that each earlier than and after Ramaswamy explicitly jumped into politics, his agency had entered the fray by establishing ties to anti-ESG Republican officers.
In March, one month after Ramaswamy introduced his run for president, Try organized a name that includes what the e-mail labeled because the “Professional-Fiduciary Buyers Taskforce.”
The greater than 30 folks invited to take part included no less than half a dozen Republican state monetary officers who’ve both vehemently opposed ESG funding requirements, or in some instances, have used their energy to instantly tackle Wall Avenue companies that comply with the follow, the e-mail reveals. Ramaswamy was not on the invite listing.

Matthew Kopko, a senior vp at Try, stated in one of many obtained emails that the “kick-off name” would focus, partially, on a Biden administration rule that permits employers to pick out ESG funds for his or her firm 401(okay) plans. In March, days earlier than the assembly happened, President Joe Biden vetoed a invoice that might have rolled again the Labor Division normal.
Cole confirmed to CNBC that the veto got here up on the decision.
“I feel the overwhelming majority of individuals [at the meeting] thought the invoice mustn’t have been vetoed,” he stated. Cole added that “it was fairly fascinating I feel from our perspective that the primary veto of Biden’s presidency was a bipartisan invoice that was centered on maximizing worth, or forcing asset managers to deal with maximizing worth.”
An emailed invite to the Zoom name additionally reveals that Try executives had been planning to prepare a central discussion board to debate ESG-related points.
“As mentioned with a lot of you throughout the nation, there’s sturdy curiosity amongst state monetary leaders to have a discussion board to share and study data associated to rising developments in ESG, company governance, proxy voting, stewardship and different fiduciary issues,” Kopko stated in one other e mail to these invited.
The officers invited included Jimmy Patronis, Florida’s GOP chief monetary officer, who in December stated the state treasury would pull out $2 billion in property beforehand managed by BlackRock. West Virginia state Treasurer Riley Moore was additionally invited to participate within the name. He introduced in 2022 that the state will not use a BlackRock funding fund as a part of its banking transactions. Representatives for Moore and Patronis stated the 2 didn’t take part within the name.
Marlo Oaks, the Utah state treasurer who labeled ESG a part of “Devil’s plan” and moved about $100 million in state cash beforehand managed by BlackRock to completely different asset managers, can also be listed as invited to the decision. A consultant for Oaks didn’t reply to a request for remark.
Derek Kreifels, the CEO of the conservative-leaning State Monetary Officers Basis, which has organized conferences bashing ESG investing, was additionally invited to participate within the name. Ramaswamy was a keynote speaker at one of many basis’s conferences final yr and the state chief monetary officers invited to participate on the Try name are publicly listed SFOF members. A consultant for Kreifels stated the nonprofit CEO didn’t take part within the name.
Kopko despatched a follow-up e mail in Could for what he described because the “subsequent job drive name.” The e-mail reveals that the following occasion was set to happen Could 3. Whereas there isn’t any doc displaying who was invited to that Zoom gathering, the itinerary for the decision notes that ESG critic and Yale regulation faculty professor Jed Rubenfeld was anticipated to present a “presentation on state pension fiduciary duties.”
Cole stated Rubenfeld’s presentation on that decision was about “greatest practices for pensions.” He defined there have been about 30 folks on the decision and most people on the assembly had been “pension-related workers,” together with some state attorneys basic.
Cole stated he did not know all the state AGs who took half within the name and which political celebration they had been affiliated with. However he additionally stated that “sometimes Republican AGs have been extra involved in attempting to pushback towards asset managers pursuing non monetary pursuits however the invite wasn’t to any explicit political celebration.”
Getting entry
Ramaswamy’s agency gained extra entry to anti-ESG Republican politicians earlier than he launched a presidential bid than was beforehand recognized, in accordance with the emails.
His agency’s leaders privately turned to anti-ESG Republican state officers in each Texas and West Virginia to assist achieve entry to authorities officers to debate Try’s enterprise ventures, both by means of in-person or Zoom conferences, in accordance with emails from September by means of March.
Cole stated they’ve met with leaders from greater than 20 states and have additionally engaged with massive wealth managers about their firm. “To me these are simply two conferences that we’ve on our calendar every single day,” he stated.
Try President Anson Frericks, in a September e mail to Texas Comptroller Glenn Hegar, mentioned a lunch he had in August with Hegar and one in every of his prime donors, oil and gasoline developer Ben “Bud” Brigham. Frericks within the e mail requested a “heat introduction” to a state-based contact for an “rising managers fund for brand spanking new companies like Try.”
“At lunch with Bud Brigham, you talked about that TX has an rising managers fund for brand spanking new companies like Try. Can you present us with a contact for that fund (I cc’d our Head of Institutional Investing, Rob Melton)? Or make a heat introduction?” Frericks requested Hegar within the e mail.
Hegar had argued in letters to cash managers in 2022 that companies resembling BlackRock, HSBC and UBS are boycotting the vitality business, saying in an announcement that he believes “environmental crusaders” have created a “false narrative” that the financial system can transition away from fossil fuels.
Hours after Frericks despatched his September e mail, Hegar replied in an e mail that he obliged the request for an introduction and forwarded Frericks’ e mail to Mike Reissig, the CEO of the Texas Treasury Safekeeping Belief Firm. That entity was created by the Texas Legislature “as a particular function entity to effectively and economically handle, make investments and safeguard funds for its shoppers: the state and numerous subdivisions,” in accordance with its web site.
Hegar is the chair of the Texas Treasury Safekeeping Belief Firm.
That introduction led to a March assembly being scheduled in Austin between Reissig, Frericks and Kopko to debate Try’s proxy voting companies, in accordance with the emails.
Representatives for Hegar and Reissig didn’t reply to requests for remark.
Federal Election Fee data present that Brigham, the identical oil and gasoline government who had lunch with Frericks in August, donated $6,600 in March to Ramaswamy’s marketing campaign for president. That quantity represents essentially the most a person donor may give on to a marketing campaign within the 2024 election cycle.
