Students gain experience and have a significant influence on decisions that help secure the future of their institutions.
EDGARTOWN, MA, Aug. 15, 2024 (GLOBE NEWSWIRE) — UNCF (United Negro College Fund) today announced the launch of Project ACCLAIM (Accelerating Learning in Asset Investment Management), a groundbreaking initiative aimed at building a strong pipeline of students from Historically Black Colleges and Universities (HBCUs) to the financial services sector. This ambitious program, which will launch in fall 2025 at Morehouse College and Howard University, is made possible by a groundbreaking $10 million gift from Adage Capital Management and Elizabeth and Phill Gross.
The announcement was made yesterday during UNCF’s exclusive Harborview Chat and Networking Reception, which hosted some of our nation’s most courageous leaders on Martha’s Vineyard at the Harborview Hotel in Edgartown, MA, who continue to champion this important cause.
The exclusive chat featured panelists Dr. Michael L. Lomax, President and CEO of UNCF; Phill Gross, Co-Founder and Managing Director of Adage Capital Management; and Mellody Hobson, Co-CEO and President of Ariel Investments. The discussion was moderated by Kim Godwin, former President of ABC News and career journalist.
“Project ACCLAIM represents a groundbreaking partnership between UNCF, Adage Capital Management and visionary philanthropists Elizabeth and Phill Gross,” said Dr. Michael L. Lomax, President and CEO of UNCF.
“By fostering a strong pool of Black talent in the financial services industry, this transformative initiative will play a critical role in closing the wealth gap for African Americans. By equipping HBCU students with real-world experience, mentorship, and access to capital, Project ACCLAIM prepares them to become future leaders who can drive positive change in the industry and their communities. We are thrilled to launch this program at Morehouse and Howard and look forward to expanding Project ACCLAIM’s reach and impact in the years to come.”
Project ACCLAIM provides HBCU students with a comprehensive investment management education, equipping them with the knowledge and skills they need to succeed in the wealth management industry. Through a combination of rigorous classroom instruction, hands-on experience, and extracurricular activities, the program aims to enhance finance and investment curricula at HBCUs, foster a stronger community of practice among faculty, and establish a centralized, student-managed investment pool.
“Investing in the next generation of leaders is critical to the long-term health of the financial industry,” said Phill Gross, co-founder and managing director of Adage Capital Management. “Given the tremendous influence of HBCUs, they are an ideal partner to strengthen the career pathways that make our industry more inclusive and resilient. With UNCF’s support, we aim to build a best-in-class model with Project ACCLAIM that will attract additional investment while being able to scale to other HBCUs across the country.”
Project ACCLAIM is scheduled to launch in fall 2025 at Howard University and Morehouse College, where students will be responsible for investing $4 million in the capital markets. These investment pools will support the program and other institutional priorities.
In the future, at least four more endowments are planned to be established at other qualified universities, along with a scholarship program to support HBCUs establishing similar programs at their respective institutions. The program will be administered by UNCF’s Institute for Capacity Building.
“HBCUs play a critical role in educating talented and versatile professionals who make significant contributions to diverse industries. The opportunity provided by Project ACCLAIM will strengthen Howard’s ability to ensure that every student who graduates from our program is prepared for life after Howard and provides an opportunity to combine classroom learning with real-world experiences,” said Dr. Anthony D. Wilbon, Dean of the Howard University School of Business.
Hodan Hassan, vice president for institutional advancement at Morehouse College, said the generous investment will support Morehouse’s tradition of excellence in higher education and its mission to produce outstanding leaders in all fields.
“We are deeply honored and grateful to receive this generous gift from Adage Capital Management, philanthropists Elizabeth and Phill Gross, and our partners at UNCF,” said Hassan. “This contribution will enhance the world-class academic and professional experiences that Morehouse College provides its students.”
Sher R. Gibbs, Ph.D., dean of Business and Economics at Morehouse University, will implement Project ACCLAIM, which will reinforce Morehouse’s commitment to providing experiential learning opportunities that prepare students for career success and advancement. The School of Business and Economics has one of the largest finance programs of any HBCU in the country.
Over the next year, a dedicated team of faculty, industry experts, and program leaders will focus on three critical areas to ensure the successful launch of Project ACCLAIM. They will develop a challenging curriculum tailored to HBCU students, partner with leading financial firms for internships and mentoring, and create a centralized framework for the student-managed investment pools. Faculty workshops will align teaching with industry standards, and regular stakeholder meetings will refine the program and set a new standard for experiential learning in asset management.
UNCF hopes to expand this impactful initiative to other cities and HBCUs in the future to further diversify the financial services industry and create more institutional wealth-building activities that have a lasting impact on the communities these institutions serve.
To learn more about Project ACCLAIM, contact Diego Aviles, Vice President of UNCF’s Northeast Division, at [email protected].
###
About UNCF
UNCF (United Negro College Fund) is the largest and most effective minority education organization in the country. To serve the youth, the community and the nation, UNCF supports the education and development of students through scholarships and other programs, supports and strengthens its 37 member colleges and universities, and advocates the importance of minority education and college readiness. Although they account for only 3% of all colleges and universities, UNCF and other historically black colleges and universities are extremely effective, awarding 15% of bachelor’s degrees, 5% of master’s degrees, 10% of doctoral degrees, and 19% of all STEM degrees earned by black students in higher education. UNCF administers more than 400 programs, including scholarships, internships and fellowships, mentoring, summer grants, and curricular and faculty development programs. Today, UNCF supports more than 50,000 students at over 1,100 colleges and universities across the country. Its logo features the UNCF torch for educational leadership and its widely recognized trademark, “It is a terrible thing to waste a mind.”® Learn more at UNCF.org or for constant updates and news, Follow UNCF on X (formerly Twitter) at @UNCF.
CONTACT: Roy Betts UNCF 2407033384 [email protected]
