University of Texas/Texas A&M Investment Management Co., Austin, welcomed 41 juniors from 10 campuses to its inaugural class of UTIMCO Scholars.
Students in the UTIMCO Scholars summer program were selected by the presidents and deans of their respective campuses in the University of Texas and Texas A&M systems based on their curiosity, perseverance, strong work ethic and other traits. All are first-generation college students and/or are eligible for federal Pell Grants for low-income students, said Thomas Britton "Britt" Harris IV, UTIMCO's president, CEO and CIO in an email.
During virtual meetings between June and August, the students are receiving training in areas including professionalism, interviewing, investment management and the asset management industry, Mr. Harris said.
The impetus behind the program is UTIMCO's internal diversity and equity initiative, which includes a focus on ways to increase the diversity of investment professionals in the asset management industry, Mr. Harris said. "The conclusion we reached was that the industry's recruiting pipeline needs to continue to expand … and the best on-ramp to the asset management industry is the internship process," he said.
Making good on its belief in the importance of internships in attracting young people to asset management, UTIMCO will recruit at least five of the 2021 scholars program graduates to full-time internships in the summer of 2022. UTIMCO also invited some of its money managers to recruit from the 2021 scholars' pool for full-time internships next summer.
UTIMCO managed a total of $64.7 billion as of June 30, which included $49.8 billion from the systems' endowment pools with the balance in other operating funds.