J.P. Morgan Asset Management today announced a $1 million dollar commitment to support underserved students through commitments made by the Empower and Community Development Fund, a Donor-Advised Fund established by J.P. Morgan Investment Management Inc. (and administered by the Chicago Community Trust), to the United Negro College Fund (UNCF) and Youth Guidance, as well as to support single mothers through Kingsborough Community College in Brooklyn, New York and Lee College in Houston, Texas.
This announcement, part of J.P. Morgan Asset Management’s February 2021 commitment to make a donation of 12.5% of its annual gross revenue received from the management fees on the Empower money market share class assets to the Empower Community Development Fund, a Donor-Advised Fund that is committed to supporting community development, aligns with the firm’s broader commitment to preparing people for the future of work and closing the racial wealth gap.
- UNCFs mission is to help minority students attend college, thrive, graduate and become leaders by offering scholarships and financial support. The firm has worked closely with UNCF to help build capacity for HBCUs and increase student success through increased access to critical resources like career pathways programming and skills development.
- Youth Guidance creates and implements school-based programs that enable children to overcome obstacles, focus on their education and succeed in school and in life, and partners with the firm’s The Fellowship Initiative in Washington D.C. to provide hands-on academic, social and emotional support to young men of color in high school.
- Women on the Move Hardship Fund grants are designed to provide financial support to community college students who are single moms, in addition to support services around 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 programming through UNCF and community college investments, the firm has demonstrated its commitment to supporting young people and women of color to access promising and fruitful economic futures. In 2019, JPMorgan Chase announced its $350 million, global commitment to preparing young people for the future of work through skills development, mentorship and training and expanding access to opportunity. This new commitment builds on these efforts.
“We launched Empowering Change in 2021 to connect institutional investors and diverse financial institutions to drive systemic change within underserved communities, and we’re incredibly proud to be committing $1 million as the program’s first annual donation to further this mission in collaboration with these long-standing partner organisations,” said Paula Stibbe, Head of Global Liquidity, Client at J.P. Morgan Asset Management.
Empower Share Class Hits Major Milestones Since 2021 Launch
The Empower share class, offered across the firm’s money market funds, was established as part of the Empowering Change program for exclusive distribution by MDIs and diverse-led CDFIs, allowing institutional clients to support MDIs and diverse-led CDFIs and further their ESG commitments.
The Empowering Change program has achieved a number of significant milestones since launching in February 2021:
- Empower share class surpassed $6 billion in assets under management (as of 7/20/22)
- MDI relationships grew from four to eleven, including the first two Latino-owned institutions, Rio Bank and Sunstate Bank:
- Carver State Bank
- Citizens Trust Bank
- First Independence Bank
- The Harbor Bank of Maryland
- Liberty Bank
- M&F Bank
- OneUnited Bank
- Optus Bank
- Rio Bank
- Sunstate Bank
- Unity National Bank
- Significant blue-chip institutional investment in Empower share class across a diverse range of industries, including an investment from the National Football League
“The NFL is proud that our participation in the Empower share class has exceed $100 million and we commend J.P. Morgan on its leadership in this initiative that is having such a positive impact in underserved communities,” said Joe Siclare, EVP, Finance and League Policy at the National Football League.
“UNCF is immensely grateful to JPMorgan Chase for its leadership and stellar support in helping students from underserved communities achieve their dreams of going to and through college by providing emergency funding assistance at a time when they need it the most. The financial gifts are making a tremendous 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 promoting community economic growth and stability, and J.P. Morgan’s Empower share class has helped us further these efforts by providing new opportunities to serve major institutional clients,” said Kwame Nkrumah Cain, Head of Strategic Initiatives and Investor Relations, Unity National Bank. “We are encouraged by the efforts of institutions like J.P. Morgan to partner with organisations like Unity National Bank to expand economic opportunities and build resilient communities.”
“In a little over twelve months our Empower share class has not only surpassed $6 billion in assets under management but has attracted investments from some of America’s most highly regarded companies, which is testament to the appeal of pioneering initiatives like Empowering Change to help advance racial equity. By expanding the number of MDI partners we’re working with, we’ve also ensured that the program is reaching more underserved communities across the country, and we look forward to continuing to build the program in the years to come,” concluded Paula Stibbe, Head of Global Liquidity, Client at J.P. Morgan Asset Management.
In addition, as part of the Firm’s broader Racial Equity Commitment, JPMorgan Chase has invested more than $100 million in 16 diverse-owned and led financial institutions that collectively serve more than 90 communities across 19 states and the District of Columbia. The firm has also waived Chase ATM fees for MDI customers and is providing ongoing training and support from the firm’s Advancing Black Pathways Fellows and Service Corps programs. To learn more about how JPMorgan Chase is working to bridge the racial wealth gap, visit www.jpmorganchase.com/racialequity