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Impact investing robo-advisor Newday is partnering with two other sustainable investment firms to expand its portfolio offerings.
Four portfolios were added: a strategy from Nia Global Solutions focused on gender equality, and three from HIP Investor — a Sustainable REIT ESG strategy, Great Places to Work strategy and Global Dividends strategy. The dividends and REIT strategies yield about 4%.
Newday now has 12 equity portfolios — all concentrated separately managed accounts — plus a bond ETF and bond mutual fund, which are available to investors with just $100, for a 75 basis-point fee. Like other robos, Newday will allocate an investor's assets based on their risk tolerance and personal values, but investors can override those choices. It uses fractional shares to divvy up an investor's deposit among the different strategies chosen.
A checking and savings account, with competitive rates from a banking institution that doesn't lend to arms manufacturers or fossil fuel companies, is planned for the second quarter, along with a biodegradable debit card.
