Mr. Andrew N. Vollmer
In her testimony, Professor Fletcher, a former lawyer and expert in financial regulation, suggested that the meme stock episode undermined faith and proper functioning of American capital markets. When the fundamental operation of the markets is undermined, there are far-reaching effects that extend beyond the capital markets, affecting consumer savings, investments, retirement plans, and the rest of the real economy.
The recent market volatility stemming from trading in meme stocks , most notably GameStop, has raised concerns as to the integrity, stability, and overall health of the markets.
Read the full testimony below:
The only buy-sider on the witness list for Tuesday is Rachel Robasciotti, the founder and CEO of Adasina Social Capital, which manages the Adasina Social Justice All Cap Global ETF. Robasciotti started her prepared testimony by musing about how the Gamestop saga reminded her of the infamous MIT blackjack team, whose exploits were depi
Abacus Wealth Partners, Robasciotti & Philipson Merge to Create $3.8B RIA The move will allow Robasciotti & Philipson’s co-founders to focus on growing their social justice investing firm, Adasina Social Capital.
Abacus Wealth Partners, a Los Angeles–based registered investment advisor specializing in impact investing, has merged with Robasciotti & Philipson, a San Francisco–headquartered RIA that focuses on social justice investing, creating a $3.8 billion firm.
Robasciotti & Philipson will come under the Abacus name, and the merger will allow its co-founders, Rachel Robasciotti and Maya Philipson, to focus on Adasina Social Capital, their social justice investing firm launched in 2020, and the Adasina Social Justice All Cap Global ETF. Robasciotti and Philipson will serve in part-time strategic roles at Abacus as director of advocacy engagement and strategic advisor, respectively; they will no longer serve their advisory clients on a day-to-day basis.
Abacus Wealth merges with social justice RIA Robasciotti & Philipson
Co-founders of the RIA Rachel Robasciotti and Maya Philipson will not work with clients at Abacus and will largely spend time managing their ETF. The firm reported $130 million in assets under management.
March 3, 2021
Abacus Wealth Partners is upping its social justice and sustainable investing game by merging with San Francisco-based Robasciotti & Philipson.
Even though Robasciotti & Philipson, with $130 million under management, pales in comparison to Santa Monica, California-based Abacus’ $3.8 billion, the intangibles of the smaller RIA qualify the deal as a merger, according to Brent Kessel, Abacus co-founder and CEO.
While Abacus is already a “values-aligned” advisory firm, Kessel said the RIA’s co-founders Rachel Robasciotti and Maya Philipson bring special expertise and relationships across the spectrum of social, minority and gender justice issues.
An Introduction to Social Justice Investing The universe of social justice investments is quickly evolving from nascency to increased interest from mainstream investors as evidenced by the recent launch of the Adasina Social Justice All Cap Global ETF (JSTC).
On December 9, social justice investing exploded on the exchange traded fund scene with the launch of the
Adasina Social Justice All Cap Global ETF (JSTC). JSTC is the first publicly traded ETF to
follow an index that screens out companies whose policies, products or services exacerbate social injustice. Beginning with a global universe of 9,000 stocks, Adasina screened out companies based on racial, gender, economic and climate justice criteria. The ETF follows an index of 891 companies that passed the negative screenings.