‘Elizabeth Warren is right’: Activist investor Jeff Ubben quits his $16 billion hedge fund to launch an ESG firm, citing companies that ‘aren’t working for society or nature’ | Markets Insider

The activist investor plans to create a new hedge fund focused on environmentally and socially responsible investing. The fund — named Inclusive Capital Partners — will be launched in partnership with Lynn Forester de Rothschild, CEO of the Coalition for Inclusive Capitalism, according to the Times. Ubben hopes to employ the strategy he used with ValueAct's primary fund and focus on implementing strategy changes at specific companies.

Using ValueAct for responsible investing and hedge strategies confused investors, Ubben added. Clients interested in ESG factors feared they were missing out on profits, while those piling into the firm's hedge fund worried about being labeled ignorant to environmental and social issues, according to the Times.

"Finance is, like, done. Everybody's bought everybody else with low-cost debt. Everybody's maximized their margin," he said."They've bought all their shares back ... There's nothing there. Every industry has about three players. Elizabeth Warren is right."

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