$20 Million Investment Expands UNCF's Project ACCLAIM, Empowering HBCU Students to Lead in Asset Management

$20 Million Investment Strengthens HBCU Talent Pipeline for Lucrative Asset Management Careers

In a major boost for the HBCU community, the United Negro College Fund (UNCF) has announced a significant expansion of its transformative Project ACCLAIM initiative. With a new $20 million investment, the program will now empower students from Morgan State University and Florida A&M University to gain hands-on experience and career readiness in the lucrative field of asset management.

Launched last year with Morehouse College and Howard University, Project ACCLAIM (Accelerating Learning in Asset Investment Management) is a pioneering effort to address the stark underrepresentation of Black professionals in wealth management. The original $10 million gift from Adage Capital Management and Elizabeth and Phill Gross has now been matched with an additional $10 million in funding, further amplifying the program's impact.

As part of this enhanced initiative, students from the newest member institutions will have the chance to manage a combined $4 million in investment assets, providing them with hands-on experience in the field. Beyond technical skills, Project ACCLAIM also champions broader goals of education access, employment equity, and fair wages for HBCU scholars interested in finance and business.

"This expansion marks a significant milestone for Project ACCLAIM and is especially meaningful as we celebrate 100 years of Black History and remember Dr. King's vision for economic empowerment," said Dr.



Shawn Thomas, director of Investment Leadership Programs and Lead for Project ACCLAIM.

The significance of this initiative cannot be overstated, as Black professionals remain severely underrepresented in the asset management industry. According to 2022 data, Black certified personal financial advisors account for only 1.9% of all CFP professionals, while Black individuals hold just 8% of managing director roles in private equity.

Project ACCLAIM aims to address these disparities by providing HBCU students with the knowledge, resources, and opportunities to thrive in this lucrative field. As George Micheni, director of the Earl G. Graves School of Business and Management's Capital Markets Lab and advisor to the Morgan State University Investment Club, noted, "Project ACCLAIM creates an extraordinary learning environment where theory meets real responsibility. Working alongside faculty, industry mentors and an investment advisory board, they will gain the discipline, judgment and confidence required to manage real capital while developing skills that translate directly into their post-graduation careers."

With the expanded reach of Project ACCLAIM, the UNCF is poised to make a significant impact on the career trajectories of HBCU students, empowering them to become the next generation of leaders in asset management and financial services. This investment not only creates valuable professional opportunities but also serves as a testament to the UNCF's commitment to elevating the HBCU community and fostering economic empowerment.

HBCUConnect.com commends the UNCF for this remarkable expansion of Project ACCLAIM, which will undoubtedly open doors for talented HBCU students and strengthen the pipeline of diverse talent in the asset management industry. By providing hands-on experience and industry-leading resources, this initiative sets the stage for HBCU scholars to thrive in high-impact careers, driving economic progress and representation within the financial sector.

Originally reported by Black Enterprise.