The RIA business of Strive Asset Management (the financial firm co-founded by former presidential candidate Vivek Ramaswamy) has new life after spinning out as Thryve Wealth Management, which launched this week with $270 million in managed assets.
Thryve’s CEO is Gary K. Dorfman, who said the industry was “at a pivotal inflection point defined by growth and innovation in artificial intelligence, quantum computing and the transformative impact of digital currencies.”
“Our approach, focused on investing in the future, will differentiate us in an industry where traditional modeled portfolios have become the accepted solution,” Dorfman said.
According to Thryve, the firm was previously Strive Asset Management’s RIA business, but is now fully independent.
Ramaswamy (who is currently running to be the Republican candidate in Ohio’s gubernatorial race) co-founded Strive in 2022. According to a 2023 pitch deck for the firm, Strive was founded as an anti-environmental, social, and governance firm with financial backing from J.D. Vance, tech executive Peter Thiel, hedge fund manager Bill Ackman, and former Cantor Fitzgerald CEO Howard Lutnick, among others.
Thryve’s client portfolios are geared toward emphasizing “American exceptionalism,” and include “advanced hedging and yield strategies for large, concentrated digital currencies, which are increasingly gaining traction among investors,” according to the release announcing the spin-off firm.
According to Chief Growth Officer Laura Brady, the firm has an “entrepreneurial spirit with minimal bureaucracy and a progressive culture,” and that “unlike private equity roll-up strategies that prioritize AUM growth, we are motivated by long-term value creation for the families we serve.”
Last November, Strive launched its wealth management business based in Dallas, following a $30 million Series B funding round led by Lutnick’s Cantor Fitzgerald, with Dorfman running the division (Dorfman previously worked at Sanford C. Bernstein, Beacon Pointe Advisors and One Capital Management).
According to the Financial Times, while Ramaswamy no longer runs Strive, he continues to have an advisory role with the business and remains the majority shareholder.
