Digital investment firm launches new fund for women

Ellevest, the digital investment startup founded by Wall Street veteran Sallie Krawcheck, is launching a new fund to invest in offerings that help advance women. "What we're hearing from women is that they want to take positive action," Ms. Krawcheck said in an interview. "They've marched a lot and then they turn around after and ask what they can do to continue having an impact." Founded just over a year ago, New York-based Ellevest offers exchange-traded funds to help women save for retirement. The firm's products account for different life variables, such as salary curves, longer life spans, and risk profiles. These distinctions help generate a better estimate of how much money clients will need in retirement, Ms. Krawcheck said. The new offering announced Tuesday includes investments that are targeted at having a positive social and economic impact through advancing women. That could include companies with female executives or loans for small businesses founded by women. According to its most recent filing, Ellevest has about $100 million under management, and is striving to grow faster and catch up to some of its larger competitors. The firm has raised just over $40 million in funding from Salesforce.com Inc's venture arm, Venus Williams and Morningstar Inc. Ms. Krawcheck has a long history on Wall Street. She was the head of global wealth management at Citigroup Inc. before heading up wealth management for Bank of America Corp. Since then, she has pioneered a few startups geared toward women.