Morgan Stanley is spearheading a new initiative — The Equity Collective — to bring more young people with diverse backgrounds into the financial services industry.
Morgan Stanley gathered 23 other money managers including BlackRock Inc., Franklin Templeton, Goldman Sachs Asset Management LP and Pacific Investment Management Co. to join the collective for an initial two-year commitment.
The collective will support three organizations that will focus on making young people aware of careers in finance, including investment management, through education, internships and recruitment, Morgan Stanley said in a news release.
The collective will support Boys & Girls Clubs of America's CareerLaunch, a job-readiness and career-launch program that can reach as many as 4.6 million young adults ages 13 to 18, as well as Team IMPACT Inc., a non-profit organization that connects children with serious illnesses or disabilities with college athletes. The collective also will work with HIVE Diversity Inc., a virtual recruiting platform that offers internships and entry-level placement for young people with diverse backgrounds. Team IMPACT athletes will be encouraged to take advantage of the recruitment tool.
"By banding together, we can be a force multiplier to impact our industry in a meaningful way. The Equity Collective is committed to investing early in underrepresented communities, focusing our efforts on increasing the pool of interested and qualified people (to) consider a career in financial services," said Andy Saperstein, co-president of New York-based Morgan Stanley and head of Morgan Stanley Wealth Management, in the release.