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 designed to cultivate a robust pipeline of students from historically Black colleges and universities (HBCUs) entering the financial services sector. This ambitious program, which will launch at Morehouse College and Howard University in fall 2025, is made possible by a transformative $10 million gift from Adage Capital Management and Elizabeth and Phill Gross.
The announcement was made during UNCF’s exclusive Harborview chat and networking reception yesterday featuring some of our nation’s most courageous leaders who remain committed to this vital cause in Martha’s Vineyard at the Harborview Hotel in Edgartown, MA.
The panelists participating in the exclusive chat were Dr. Michael L. Lomax, president and CEO, UNCF; Phill Gross, co-founder and managing director, Adage Capital Management and Mellody Hobson, co-CEO and president, Ariel Investments. The panel moderator was Kim Godwin, former president, 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, UNCF.
“By cultivating a robust pipeline 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 empowering HBCU students with real-world experience, mentorship and access to capital, Project ACCLAIM equips them to become future leaders who can drive positive change within 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 will provide HBCU students with a comprehensive undergraduate learning experience in investment management, equipping them with the knowledge and skills necessary to succeed in the asset management industry. Through a combination of rigorous coursework, hands-on experience, and co-curricular activities, the program aims to enhance finance and investing curricula at HBCUs, foster a strengthened community of practice among faculty, and establish a centralized student-managed investment pool.
“Investing in the next generation of leaders is essential to the long-term health of the finance industry,” said Phill Gross, co-founder and managing director of Adage Capital Management. “Given the outsize impact of HBCUs, they are an ideal partner to strengthen the career pathways that will make our industry more inclusive and resilient. With the support of UNCF, we aim to build a best-in-class model with Project ACCLAIM that will attract additional investment while scaling to other HBCUs across the country.”
Project ACCLAIM is expected to launch in fall 2025 at Howard University and Morehouse College, where students will have responsibility for investing $4 million into the capital markets. These investment pools will support the program and other institutional priorities.
At least four more endowments are planned to be established at other qualifying universities in the future, along with a grant program to support HBCUs that establish similar programs at their respective institutions. The program will be administered by UNCF’s Institute for Capacity Building.
“HBCUs play a critical role in producing talented and diverse professionals who make significant contributions to various industries. The opportunity presented by Project ACCLAIM will deepen Howard’s ability to ensure that every student who graduates from our program is ready for life after Howard, and also represents an opportunity to pair classroom learning with real-world experience,” said Dr. Anthony D. Wilbon, dean of the Howard University School of Business.
Hodan Hassan, vice president of institutional advancement at Morehouse College, said the generous investment will support Morehouse’s legacy of excellence in higher education and its mission to produce outstanding leaders in all fields.
“We are deeply honored and thankful to receive this generous gift from Adage Capital Management, philanthropists Elizabeth and Phill Gross, and our partners at the UNCF,” Hassan said. “This contribution will enhance the world-class academic and career exposure experiences Morehouse College offers its students.”
Sher R. Gibbs, Ph.D., dean of business and economics at Morehouse, will implement Project ACCLAIM, which will strengthen Morehouse’s commitment to offering experiential learning opportunities that prepare students for career success and growth. The Division of Business and Economics has one of the largest finance programs in the country among HBCUs.
Over the next year, 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 rigorous curriculum tailored to HBCU students, establish partnerships with leading financial firms for internships and mentorships, 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, setting a new standard for experiential learning in asset management.
UNCF hopes to expand this powerful initiative to other cities and HBCUs in the future, further diversifying the financial services industry and creating more institutional wealth-building activities that have a lasting impact on the communities served by these institutions.
To learn more about Project ACCLAIM, contact Diego Aviles, vice president, UNCF’s Northeast Division at diego.aviles@UNCF.org.
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About UNCF
UNCF (United Negro College Fund) is the nation’s largest and most effective minority education organization. To serve youth, the community and the nation, UNCF supports students’ education and development through scholarships and other programs, supports and strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness. While totaling only 3% of all colleges and universities, UNCF institutions and other historically Black colleges and universities are highly 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 scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum 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 of leadership in education and its widely recognized trademark, ‟A mind is a terrible thing to waste.”® Learn more at UNCF.org or for continuous updates and news, follow UNCF on X (formerly Twitter) at @UNCF.
