Hearst Business Media, a division of media group Hearst, and financial information provider Fitch Group launched a joint investment venture yesterday that will fund early-stage financial information, services and technology developers.
The unit, named Financial Venture Fund, will be the third corporate venturing unit formed by Hearst, after its flagship fund, Hearst Ventures, and Hearst Health Ventures, launched in 2011 to back healthcare IT and technology companies.
Shea Wallon, formerly a managing director at Bank of America Merrill Lynch, will run Financial Venture Fund as senior vice president and managing director, reporting to Hearst Business Media president Richard P. Malloch and Fitch Group CEO Paul Taylor.
Malloch said: “We decided that this is the right time to launch the Financial Venture Fund to make investments in financial services companies, leverage our assets to help grow these companies and bring new learnings to Hearst Business Media and Fitch.
“Shea brings years of leadership, expertise and proven results to this key position and he will be instrumental in accelerating our growth through strategic investments and partnerships in new companies and innovative solutions.”