Howard University has been selected as a launch site for the United Negro College Fund’s new initiative, Project ACCLAIM (Accelerating Learning in Asset Investment Management). This innovative program aims to develop a strong pipeline of students from historically Black colleges and universities (HBCUs) into the financial services sector.
The program is set to commence at Howard University and Morehouse College in the fall of 2025, backed by a significant $10 million donation from Adage Capital Management, along with support from Elizabeth and Phill Gross.
Phill Gross, co-founder and managing director of Adage Capital Management, stated, “Investing in the next generation of leaders is essential to the long-term health of the finance industry. HBCUs have a profound impact, making them ideal partners to enhance career pathways that promote inclusivity and resilience in our industry. With UNCF’s support, we aspire to create a distinguished model with Project ACCLAIM that will attract further investment and expand to other HBCUs nationwide.”
Project ACCLAIM aims to provide HBCU students with a thorough undergraduate education in investment management, equipping them with the critical knowledge and skills needed to thrive in the asset management field. The initiative will combine rigorous academic instruction, practical experiences, and extracurricular activities to improve finance and investing curricula, strengthen faculty collaboration, and establish a centralized student-managed investment pool.
Anthony D. Wilbon, Ph.D., dean of the Howard University School of Business, remarked, “HBCUs are vital in producing talented, diverse professionals who contribute significantly to various industries. Project ACCLAIM will enhance Howard’s ability to prepare students for post-graduate success, linking classroom theory with real-world applications.”
In the coming year, a committed team of faculty, industry specialists, and program leaders will work on three key areas to ensure Project ACCLAIM’s successful initiation: developing a tailored, rigorous curriculum for HBCU students, forming partnerships with leading financial companies for internships and mentorship opportunities, and creating a centralized framework for student-managed investment pools. Faculty workshops will align educational offerings with industry standards, and regular stakeholder meetings will fine-tune the program, aiming to set a new benchmark for experiential learning in asset management.
Michael L. Lomax, Ph.D., president and CEO of UNCF, emphasized the importance of this initiative in narrowing the wealth gap for African Americans. He stated, “By fostering a pipeline of Black talent within the financial services field, this transformative initiative will significantly contribute to closing the wealth gap for African Americans. By equipping HBCU students with decisive real-world experience, mentorship, and access to capital, Project ACCLAIM prepares them to emerge as future leaders who can enact positive changes within their industry and communities. We are excited to launch this program at Morehouse and Howard and anticipate expanding its impact in the future.”
UNCF plans to broaden this impactful initiative to other cities and HBCUs, thereby further diversifying the financial services sector and enhancing wealth-building opportunities that will have a lasting effect on the communities associated with these institutions.