JP Morgan Asset Management announced a $1 million commitment to supporting underserved students through commitments made by the Empower and Community Development Fund, a donor-advised fund established by JP Morgan Investment Management Inc. (and administered by the Chicago Community Trust), to the United Negro College Fund (UNCF) and Youth Orientation, as well as to support single mothers through Kingsborough Community Collegein Brooklyn, New York and Lee College in Houston, TX.
This announcement, which is part of JP Morgan Asset Management’s program February 2021 commitment donate 12.5 percent of its annual gross income from management fees to the Empower money market share class assets to the Empower Community Development Fund, a donor-driven fund committed to supporting community development, aligns with the company’s broader commitment to preparing people about the future of work and closing the racial wealth gap, according to a press Release.
– UNCF’s mission is to help minority students attend college, thrive, graduate, and become leaders by providing scholarships and financial support. The company has worked closely with UNCF to help build capacity at HBCUs and increase student success through increased access to essential resources such as career path programming and skills development.
– Youth Guidance creates and implements school programs that empower children to overcome barriers, focus on their education, and succeed in school and life, and partners with the company’s The Fellowship Initiative in washington d.c. provide practical academic, social, and emotional support to young men of color in high school.
– The Women on the Move Hardship Fund grants are designed to provide financial support to community college students who are single mothers, in addition to support services regarding career development and financial health.
Through comprehensive youth development and post-secondary pathways programs for young men of color like The Fellowship Initiative, and continued career pathways programs through investments from UNCF and community colleges, the company has demonstrated its commitment to helping youth and women of color access promising programs and successful economic futures. In 2019, JPMorgan Chase announced its $350 million, a global commitment to preparing young people for the future of work through skills development, mentoring and training and expanding access to opportunities. This new commitment builds on those efforts.
“We launched Empowering Change in 2021 to connect institutional investors and various financial institutions to drive systemic change within underserved communities, and we are incredibly proud to be involved. $1 million as the program’s first annual gift to further this mission in collaboration with these long-standing partner organizations,” said Paula StibbeHead of Global Liquidity, Client at JP Morgan Asset Management.
Empower share class achieves major milestones since launch in 2021
The Empower share class, offered across all of the company’s money market funds, was created under the Empowering Change program for exclusive distribution by MDIs and CDFIs with diversified management, enabling institutional clients to support MDIs and CDFIs with diverse management and strengthen their ESG commitments.
The Empowering Change program has reached several milestones since its launch in February 2021:
– Empower Share Class Exceeded $6 billion of assets under management (as of July 20, 2022).
– MDI relationships grew from four to eleven, including the first two Latino-owned institutions, Bank of Rio and Sunstate Bank:
– Carver State Bank
– Citizen Trust Bank
– First Independence Bank
– The Port Bank of Maryland
– Liberty Bank
– M&F Bank
–One United Bank
– Optus Bank
– Rio Bank
– Sunstate Bank
– National Bank Unit
– Significant blue-chip institutional investment in the Empower equity class across a wide range of industries, including an investment from the National Football League
“The NFL is proud that our participation in the Empower stock class has exceeded $100 million and we commend JP Morgan for its leadership in this initiative which is having such a positive impact on underserved communities,” said Joe SiclaireExecutive Vice President, Finance and League Policy at the National Football League.
“UNCF is extremely grateful to JPMorgan Chase for its outstanding leadership and support in helping students from underserved communities achieve their dreams of going to college by providing emergency financial assistance just as they need it. most need. Financial donations make a huge difference in the lives of these students,” said Maurice E. Jenkins, Jr.Executive Vice President and Chief Development Officer, UNCF.
“Unity National Bank has a long history of promoting community economic growth and stability, and JP Morgan’s Empower share class has helped us continue those efforts by providing new opportunities to serve key institutional clients,” said Kwame Nkrumah CainHead of Strategic Initiatives and Investor Relations, Unity National Bank.
“We are encouraged by the efforts of institutions like JP Morgan to partner with organizations like Unity National Bank to expand economic opportunity and build resilient communities.”
“In just over twelve months, our Empower share class has not only surpassed $6 billion of assets under management, but has attracted investment from some of America’s most reputable corporations, a testament to the appeal of pioneering initiatives like Empowering Change to help advance racial equity. By increasing the number of MDI partners we work with, we have also ensured that the program reaches more underserved communities across the country, and we look forward to continuing to grow the program in the years to come,” said concluded Paula StibbeHead of Global Liquidity, Client at JP Morgan Asset Management.
Additionally, as part of the company’s broader commitment to racial equity, JPMorgan Chase has invested more than $100 million across 16 diversely owned and operated financial institutions that collectively serve more than 90 communities in 19 states and the District of Colombia. The company has also waived Chase ATM fees for MDI customers and provides ongoing training and support through the company’s Advancing Black Pathways Fellows and Service Corps programs. To learn more about how JPMorgan Chase is working to close the racial wealth gap, visit www.jpmorganchase.com/racialequity.