Dreyfus Launches BOLD Shares Supporting Howard University
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Posted By: Kennedy Williams on March 22, 2022 Dreyfus Cash Investment Strategies (Dreyfus), BNY Mellon Investment Management's affiliated liquidity manager, announced a partnership with Howard University to help support its students in their educational journey with the launch of a new BOLDSM share class for the Dreyfus Government Cash Management fund. Offered through Dreyfus' largest money market fund,1 10% of the BOLDSM shares net revenue, with a minimum of $300,000, will be donated to Howard's Graduation Retention Access to Continued Excellence (GRACE) Grant annually. Howard University, a leading Historically Black College and University (HBCU), was specifically chosen due to its unwavering commitment to underrepresented minorities and dedication to affordable education. The BOLDSM shares, which stands for Black Opportunity for Learning and Development, is designed for institutional investors and offered exclusively through BNY Mellon, including LiquidityDirect®. "Investors can make a significant impact with their cash investments and support Howard University, one of the most distinguished universities in the country," said John Tobin, chief investment officer, Dreyfus. "Partnering with Howard University to help empower the next generation of leaders is an honor. This initiative is just the first step in a long journey with Howard and their graduates." Howard's GRACE Grant was created in 2014 by Howard University President Dr. Wayne A.I. Frederick to provide additional funding for students who receive the maximum Federal Pell Grant. Distributed based on student need, the program provides a 100% match for Federal Pell Grant students and additional funding for students with no expected family contribution to their education. Since its inception, GRACE recipients saw an average 15% increase in retention and an average four-year graduation rate of 78%, a 32% increase compared to students who did not receive GRACE funds.2 "We are very excited to partner with Dreyfus on this innovative approach to social impact," said Dr. Wayne A.I. Frederick, Howard University president. "Through this partnership in support of the GRACE Grant, investors will make a significant impact in the lives of Howard students who are dedicated to succeeding in higher education and in their respective fields but face financial barriers to completing their education." Dreyfus is pleased to share the following firms are among the inaugural investors in the BOLDSM share class, supporting today's launch: Aon PLC, Genworth Financial, Inc., IBM, Jefferies, Macquarie Group, Protective Life Corporation, Raytheon Technologies, Paramount and UPMC for You. "Investors are increasingly seeking opportunities to make a social impact with their investment decisions," said Laide Majiyagbe, head of financing & liquidity for BNY Mellon Markets. "Share classes like BOLDSM enable investors to pursue their financial objectives while also making a real difference in improving the lives and education of promising young people." With nearly 50 years of serving investors' cash management needs, the launch of the BOLDSM shares builds upon the firm's deep history of innovation to create an opportunity for clients to invest in a better future. SOURCE BNY Mellon Investment Management If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Kennedy Williams
From Loganville, GA Spelman College class of 2020 Member Since July 2016 |
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