Meghan and Harry are just trying to make money says Rupert Bell

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Prince Harry and Meghan Markle’s latest deal with a New York-based asset management firm has been criticised by a royal expert, who claims that if you “pick away at the layers”, the company is only serving to “make money” for its investors. The Duke and Duchess of Sussex announced through the New York Times that they had become ‘Impact Partners’ at Ethic, a sustainable investment firm, on October 12. 

Speaking of the couple’s partnership with the investment banking firm, talkRadio’s royal correspondent Rupert Bell claimed: “Let’s be honest, anyone who works in the city, they’re always looking out to make money for their investors.

“Now, they might have offices that are run slightly differently, dogs running around New York or wherever or whatever they’re doing, but ultimately it’s all about making money for their investors.

“They say if an investor chooses to invest in Fox Corporation, they’re happy to do it – they don’t really care, they just want to make money even though they are doing it, they say, slightly different.

“Yes, it’s great for Meghan and Harry, they might think this looks good but actually, when you pick away at the layers, they’re no different from any other corporate organisation in New York who is out to make money for their investors.”

The company Ethic screens businesses and sectors to invest in based on their social responsibility criteria on issues such as climate change and racial justice. 

In a joint interview with the New York Times’ Dealbook, the couple confirmed that they had become ‘Impact Partners’ at the firm, and had been introduced to the firm through recommendations by friends. 

The Duchess of Sussex told the newspaper: “From the world I come from, you don’t talk about investing, right? You don’t have the luxury to invest. That sounds so fancy.”

“My husband has been saying for years, ‘Gosh, don’t you wish there was a place where if your values were aligned like this, you could put your money to that same sort of thing?'”

Harry and Meghan criticised for moving into ethical banking

The couple hope their involvement in the firm will encourage young people to consciously consider their investments, and to look for sustainable alternatives. 

Prince Harry said: “You already have the younger generation voting with their dollars and their pounds, you know, all over the world when it comes to brands they select and choose from.”

In a statement, Ethic said they were thrilled to be working with the Sussexes, who “share a lot of values with us, and we suspect, with many of you as well.”

They added: “They’re deeply committed to helping address the defining issues of our time – such as climate, gender equity, health, racial justice, human rights, and strengthening democracy and understand that these issues are inherently interconnected.”

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Ethic currently has £1.3billion under management and have invested large amount into giant tech companies. 

According to a recent US filing, the company’s thirteenth biggest investment is in Facebook shares, of which it has $6.9 million (£5 million). 

They have also invested $32 million in Alphabet, the parent company of YouTube-owner Google, as well as a $2million investment in Twitter. 

Both Prince Harry and Meghan Markle have previously spoken out against the impact of social media, describing it as a “relatively lawless space” where misinformation is rampant. 

Since leaving the Royal Family in 2020, the couple have signed a number of lucrative deals to ensure their financial independence, including a Netflix deal that is estimated to be worth £100million. 

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