A New York City wealth management firm has launched a new investment product inspired by the “socially conscious hipsters of Portland,” according to a news release.

Ritholtz Wealth Management’s “Portland Portfolio” will focus on investments that tread lightly on the environment and meet strong social and corporate governance standards, a strategy often referred to as ESG (environmental, social, governance).

“The perception is that ESG investing comes at a cost to the investor but widely available data now proves that this is no longer the case,” said Portlander Joey Fishman, who helps manage the portfolio, in a news release. “Implementation costs have been halved — then halved again. Women, millennials and the ultra wealthy are demanding sustainable policies; and corporate leaders are recognizing the importance of adopting them. We believe this all sets the stage for sustainable investing to flourish.”

Ritholtz Wealth Management is a registered investment adviser founded in 2013. It manages $440 million in assets and 1,400 accounts, according to its latest annual report filed with the Securities and Exchange Commission. It works with wealthy families, pension funds and other institutional investors.

“It took over a year of research and internal debate for the team to create the Portland Portfolio,” Fishman said, in the news release. “Ultimately, we settled on using ESG as an ‘overlay,’ or in addition to, traditional financial analysis so that our clients still maintain solid portfolios based on well-established investment principals, while also connecting with their socially-responsible identities.”

Source: Portland Business Journal