Milken Institute Inclusive Capitalism Initiative Celebrates Latest Class of HBCU Fellowship Program, Building on Its Commitment to Develop Pathways of Opportunity for Young Leaders
08 Mayo 2024 - 3:22PM
Business Wire
New partnerships, expanded programming bolsters
outcomes and awareness in the financial sector.
The Milken Institute today celebrated the latest class of its
Historically Black Colleges and Universities (HBCU) Fellowship
program at its 2024 Global Conference in Los Angeles. The
fellowship program, now in its second year, empowers undergraduate
students from HBCUs by providing opportunities for professional
development, networking, and personal growth in the financial
services sector.
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The Milken Institute celebrates the
latest class of its Historically Black Colleges and Universities
(HBCU) Fellowship program at the 2024 Global Conference in Los
Angeles. (Photo: Business Wire)
During a panel discussion, Illuminating Success Stories on HBCU
Campuses, leaders discussed the importance of inclusive capitalism,
the need for HBCU philanthropic gifts, and explored the innovation
on HBCU campuses with HBCU presidents and stakeholders. A special
ceremony followed, celebrating twenty recent graduates of the
academic portion of the program, who will now be matched with
summer internships in the financial sector.
“The Milken Institute is committed to the success of the next
generation of finance professionals who will come from racially,
geographically, and gender-diverse backgrounds,” said Troy Duffie,
director at the Milken Institute and lead for the HBCU Fellowship
Program. “Our goal is to connect resources to talent and help build
the foundation for the next generation of financial professionals
who will create more diverse, inclusive, and efficient capital
markets.”
HBCUs are overlooked as a resource for quality talent in the
investment industry, despite a decades long history of producing
global leaders in financial services. Women- and diverse-owned
firms control just 1.4 percent of the more than $82 trillion
managed by the US asset management industry.
This year, the Milken Institute HBCU Fellowship Program expanded
to include 36 HBCU students representing 13 institutions. The
inaugural cohort launched in 2023 had 16 fellows representing nine
institutions. The 2024 cohort has grown to 20 additional fellows
across 12 institutions. Students compete for selection to the
program, which provides an immersive experience designed to bridge
the gap between academia and industry and equip participants with
the skills, experience and expertise. Each fellow is matched with
summer internships, providing invaluable real-world experience into
the functioning of the asset management sector.
“The Milken Institute HBCU Fellowship Program has been
informative and engaging, ranking among the best I've ever
experienced,” said Takudzwa Modza, a student at Alabama State
University. “The opportunity to participate in programs, events and
classes has provided in-depth insights into the world of finance
where I have learned more about asset management, venture capital,
and private equity. I’m looking forward to this next phase of the
program and an internship that will help me gain hands-on
experience in the financial sector.”
The HBCU Fellowship Program is part of the Milken Institute’s
broader Inclusive Capitalism Initiative focused on increasing
diversity and representation in the financial sector. Its work
includes a newly released study, Seven Strategies for Specific
Action in Asset Management, which featured actionable steps that
can significantly impact the industry and emphasized the power of
recruiting from diverse educational institutions and the importance
of implementing long-term mentorship programs. The proposed actions
detailed in the report aim to increase diversity, capture
unrealized value, and mitigate long-term risks within the asset
management sector.
During the graduation ceremony, it was announced that the T.D.
Jakes Foundation in collaboration with Wells Fargo is providing
underwriting support for the upcoming 2024/2025 HBCU Fellows
class.
“Innovation thrives in unity; together we can disrupt
inequality, and forge pathways to inclusive prosperity. Impactful
partnerships allow us to catalyze change, and build an equitable
future for all,” remarked T.D. Jakes, Founder and Chairman of the
T.D. Jakes Foundation. “A future where everyone regardless of
background, has the chance to thrive, is possible. Inclusive
initiatives like this with the Milken Institute and Wells Fargo are
crucial to unlocking the immense potential within HBCUs and
transforming communities across the nation.”
“We are thrilled to support the Milken Institute HBCU Fellows
program to help connect more students with career opportunities and
advance diversity in the financial sector,” said Darlene Goins,
head of philanthropy and community impact at Wells Fargo. “This
work directly reflects Wells Fargo’s commitment to increasing
pathways to economic opportunity and generational wealth for
historically marginalized communities.”
Additional program funders and in-kind partners include the
Ewing Marion Kauffman Foundation, Viable EDU, ADISA, The World
Bank, SIFMA, Levine Leichtman Capital Partners, HarbourView Equity,
and the CAIA Association. To learn more about this program and how
to be a supporter, click here.
About the Milken Institute
The Milken Institute is a nonprofit, nonpartisan think tank
focused on accelerating measurable progress on the path to a
meaningful life. With a focus on financial, physical, mental, and
environmental health, we bring together the best ideas and
innovative resourcing to develop blueprints for tackling some of
our most critical global issues through the lens of what’s pressing
now and what’s coming next. For more information, visit
https://milkeninstitute.org/.
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Paul Guequierre Email:
pguequierre@milkeninstitute.org