JP Morgan pledges $1 million to help underserved students
JP Morgan Asset Management aims to donate $1 million to programs designed to help underserved minority students and single mothers attending college as part of its overall community building and closing the gap strategy of wealth.
Specifically, pledges will be made by the Empower Community Development Fund, a donor-advised fund established by JP Morgan – and administered by the Chicago Community Trust, a Chicago-based community foundation – to the United Negro College Fund, which provides scholarships and Minority Student Financial Support and Youth Guidance, which implements school programs to help children succeed in and out of school, JPMAM noted.
Single mothers will be helped by donations to students at Kingsborough Community College in Brooklyn, NY and Lee College in Baytown, Texas through an entity called Women on the Move Hardship Fund.
A spokesperson for JPMAM said the million dollars would not be distributed evenly, but the exact distribution is confidential.
These measures are part of a larger program called Empowering Change that JP Morgan Asset Management announced in February 2021, under which the asset manager would donate 12.5% of annual gross income from management fees of its assets. from the Empower money market share class to Empower Community Development. Funds to support community development.
The Empower share class, which is offered across all of JPMAM’s money market funds and exceeded $6 billion in assets under management as of July 20, was created for distribution exclusively by minority depository institutions and community development financial institutions led by various actors.
“We launched Empowering Change in 2021 to connect institutional investors and diverse financial institutions to drive systemic change within underserved communities, and we are incredibly proud to commit $1 million as the program’s first annual giving. to pursue this mission in conjunction with these long-standing partner organizations,” Paula Stibbe, Global Liquidity Manager, client at JPMAM, said in an August press release.
“By increasing the number of MDI partners we work with, we have also ensured that the program reaches more underserved communities across the country,” added Ms Stibbe.