UNCF is expanding the ACCLAIM project to more HBCUs and increasing its wealth management talent pipeline

The United Negro College Fund (UNCF) has expanded its Project ACCLAIM to help more HBCUs get started in asset management.

UNCF announced the news on February 3, as students from Morgan State and Florida A&M University can now enter their talent pipeline for this lucrative industry. Project ACCLAIM, which stands for Accelerating Learning in Asset Investment Management, has encouraged a network of HBCU students to explore careers in this sector.

Founded last year in partnership with Morehouse College and Howard University, the sponsor-supported initiative has supported HBCU scholars with financial literacy and professional resources to thrive in their post-doctoral careers. Following the initial $10 million gift from Adage Capital Management and Elizabeth and Phill Gross to launch the project, the philanthropists have donated an additional $10 million to the UNCF venture.

With this latest boost in financial aid, students at these newest member institutions will be able to manage $4 million in investment capital, gaining hands-on experience in asset management. In addition to professional preparedness, Project ACCLAIM also advocates for access to education, equal employment opportunity, and fair wages through its programming.

Black asset management professionals remain underrepresented in this sector. According to 2022 figures from Wealth Management by Informa, Black certified personal financial advisors account for 1.9% of all CFP professionals. As for diverse leadership in private equity, Black people held just 8% of director roles that year in detail Institutional investor.

Now, this talent pipeline aims to correct these numbers, making HBCU scholars interested in finance, business and asset management more competitive candidates for this field.

“This expansion marks an important milestone for Project ACCLAIM and is especially meaningful as we celebrate 100 years of Black history and commemorate Dr. King’s vision of economic empowerment,” said Dr. Shawn Thomas, director of Investment Leadership Programs and leader of Project ACCLAIM, in a press release shared with BLACK BUSINESS. “Morgan State and Florida A&M both bring exceptional talent and leadership to the HBCU community and their participation strengthens our shared commitment to preparing students for high-impact careers.”

As for the latest cohort of Project ACCLAIM, officials from both FAMU and Morgan State celebrated the news, which offers more lucrative opportunities for their students.

“We claimed it! Members from across FAMUly – students, faculty, President Johnson, other administrators, external stakeholders – helped bring this opportunity to FAMU. We are all excited to work together to realize the potential of superlative tools and resources in the hands of our enthusiastic and talented FAMU students,” said Program Director Inger Daniels-Hollar, Ph.D., assistant professor, FAMU School of Business and Industry.

As UNCF prepares to bring more investment skills to the HBCU network, scholars are preparing to break new ceilings in wealth management.

“Project ACCLAIM creates an extraordinary learning environment where theory meets real responsibility,” said George Micheni, director of the Capital Markets Lab at the Earl G. Graves School of Business and Management and advisor to the Morgan State University Investment Club. “Working with faculty, industry mentors and an investment advisory board, they will gain the discipline, judgment and confidence needed to manage real capital, while developing skills that translate directly to their post-graduate careers.”

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