Three Chicago-area investment management firms have collaborated to create a two-year rotational development program for diverse and underrepresented job hunters.
The Asset Management Diversity Accelerator, or AMDA, was created by Allstate Investments, Northbrook, Ill., and Chicago-based William Blair Investment Management LLC and Legal & General Investment Management America, according to a joint news release.
"The goal is to attract students expected to graduate from historically Black colleges who will spend their two years in the program as junior research associates," according to the release.
The six individuals selected to join AMDA will rotate between the three investment firms every eight months to gain knowledge through working within each firm's research and investment management teams.
The number of graduates is being kept small for now "because we want to give the participants the best experience. We are waiting to make sure the program is successful and if it is, we hope that other money management firms will join us," said Karen Goers, director of human resources at William Blair, in an interview.
Recruiting has begun among students who are expected to graduate in December 2022 or May 2023.
The persons selected to join the AMDA program will be notified in December and will begin employment in June 2023 at a competitive salary with benefits, the release said.
Ms. Goers stressed that the AMDA program will seek people with "diverse degrees" and welcomes graduates with degrees outside finance.
William Blair managed $56.2 billion as of June 30 and LGIM America managed $224 billion as of the same date. Allstate Investments did not provide its AUM in the news release.