Detroit Mercy business school receives $3 million gift

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Detroit Mercy business school receives $3 million gift

Postby Rogobob77 » Wed Apr 24, 2019 3:10 pm

From Crains Detroit Business:

The University of Detroit Mercy's business college has received a $3 million donation that will be used to help minority students gain expertise in investing.

The donation comes from Richard Charlton, founder of New England Pension Consultants, who graduated from Detroit Mercy in 1965. It was made toward the university's $100 million capital campaign and will be used to establish the Charlton Center for Responsible Investing, according to a news release.

Charlton's donation will have a "direct, measurable impact on the recruitment of minority students into the financial markets field," the release said. Only about 3.5 percent of the 80,000 certified financial planners in the United States are black or Latino, according to the CFP Board Center for Financial Planning.

The donation will support recruitment, networking for students, securing employment after graduation, boosting technology in investment education, establishing a speaker series with prominent experts in the field, expanding the student-run portfolio of financial assets, creating an innovation fund, developing a student-run investment newsletter and providing graduate assistantships, according to the release.

"I've always regarded Detroit as my adopted hometown," said Charlton, who lives in the Boston area. "I lived there for 16 years and began to really appreciate the power of diversity. I'm very pleased to make this contribution and think the potential for opportunity is significant. It's just an awful lot of people looking for opportunity. Hopefully, this will open a couple extra doors for them."

Charlton founded Boston-based NEPC LLC in 1986, and it has offices across the country, including Detroit. Its local office has about 15 employees and manages about $85 billion to $90 billion in assets for a range of clients, including the city of Detroit and Detroit Institute of Arts. The company has more than 350 retainer clients with total assets over $1 trillion, according to its website. Its services include asset allocation, manager search, performance evaluation and investment policy advising.

The $3 million gift comes on the heels of the university's largest-ever gift of $6.1 million to establish the business school's Center for Practice & Research in Management & Ethics.

Detroit Mercy's endowment is around $60 million — more than double what it was in 2011. The university has raised $104 million to date for its latest capital campaign, which was launched in 2012 and wraps up at the end of the year. The university said donations will be used to increase student scholarships and for capital improvements on campus.

"Having lived in the City of Detroit proper for 16 years and having had the privilege of recruiting management employees for Michigan Bell and the Bell System during part of that time, with a conscious focus on minorities and women, I became aware that there is a significant talent pool that often goes untapped," Charlton said in the release. "To the extent that we can enhance opportunities and facilitate the realization of that talent, I believe we are all winners."
Last edited by Rogobob77 on Wed Apr 24, 2019 11:15 pm, edited 2 times in total.
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Re: Detroit Mercy business school receives $3 million gift

Postby R.B.J1 » Wed Apr 24, 2019 8:03 pm

Rogobob77 wrote:The University of Detroit Mercy's business college has received a $3 million donation that will be used to help minority students gain expertise in investing.

The donation comes from Richard Charlton, founder of New England Pension Consultants, who graduated from Detroit Mercy in 1965. It was made toward the university's $100 million capital campaign and will be used to establish the Charlton Center for Responsible Investing, according to a news release.

Charlton's donation will have a "direct, measurable impact on the recruitment of minority students into the financial markets field," the release said. Only about 3.5 percent of the 80,000 certified financial planners in the United States are black or Latino, according to the CFP Board Center for Financial Planning.

The donation will support recruitment, networking for students, securing employment after graduation, boosting technology in investment education, establishing a speaker series with prominent experts in the field, expanding the student-run portfolio of financial assets, creating an innovation fund, developing a student-run investment newsletter and providing graduate assistantships, according to the release.

"I've always regarded Detroit as my adopted hometown," said Charlton, who lives in the Boston area. "I lived there for 16 years and began to really appreciate the power of diversity. I'm very pleased to make this contribution and think the potential for opportunity is significant. It's just an awful lot of people looking for opportunity. Hopefully, this will open a couple extra doors for them."

Charlton founded Boston-based NEPC LLC in 1986, and it has offices across the country, including Detroit. Its local office has about 15 employees and manages about $85 billion to $90 billion in assets for a range of clients, including the city of Detroit and Detroit Institute of Arts. The company has more than 350 retainer clients with total assets over $1 trillion, according to its website. Its services include asset allocation, manager search, performance evaluation and investment policy advising.

The $3 million gift comes on the heels of the university's largest-ever gift of $6.1 million to establish the business school's Center for Practice & Research in Management & Ethics.

Detroit Mercy's endowment is around $60 million — more than double what it was in 2011. The university has raised $104 million to date for its latest capital campaign, which was launched in 2012 and wraps up at the end of the year. The university said donations will be used to increase student scholarships and for capital improvements on campus.

"Having lived in the City of Detroit proper for 16 years and having had the privilege of recruiting management employees for Michigan Bell and the Bell System during part of that time, with a conscious focus on minorities and women, I became aware that there is a significant talent pool that often goes untapped," Charlton said in the release. "To the extent that we can enhance opportunities and facilitate the realization of that talent, I believe we are all winners."


That is great news for UDM.
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Re: Detroit Mercy business school receives $3 million gift

Postby Rogobob77 » Wed Apr 24, 2019 11:13 pm

More details in this release from the University:

http://sites.udmercy.edu/alumni/2019/04 ... investing/
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