In a significant move aimed at diversifying the financial services industry, Howard University and Morehouse College have been selected as launch sites for the United Negro College Fund’s Project Accelerating Learning in Asset Investment Management. This transformative initiative is designed to cultivate a robust talent pipeline from historically Black colleges and universities. The project will start in the fall of 2025.
Adage Capital Management and philanthropists Elizabeth and Phill Gross provided a $10 million donation to fund the program. This funding will develop a comprehensive undergraduate learning experience that equips HBCU students with essential skills and knowledge for the finance sector.
“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’s Game Plan
Project ACCLAIM will offer coursework complemented by hands-on experiences and co-curricular activities, enhancing the institutions’ finance and investing programs. Notably, it aims to foster a community of practice among faculty while establishing a centralized student-managed investment pool.
“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 represents an opportunity to pair classroom learning with real-world experience.,” said Anthony D. Wilbon, Ph.D., dean of the Howard University School of Business.
In anticipation of the program’s launch, a dedicated team will work over the next year on three key areas: crafting a rigorous curriculum tailored specifically for HBCU students; forming partnerships with leading financial firms to facilitate internships and mentorship opportunities; and creating a framework for student-managed investment pools.
“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” said Michael L. Lomax, Ph.D., president and CEO of UNCF. “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.”
Looking ahead, UNCF aims to expand Project ACCLAIM to other cities and HBCUs.