The Philadelphia-based minority- and woman-owned money manager Xponance Inc. is celebrating its 25th anniversary by instituting a day of service for its employees and plans to expand its A Good Measure Foundation.
Now that restrictions on in-person meetings and events because of COVID-19 are being lifted and in honor of the firm's founding 25 years ago, Xponance employees are being encouraged to take a paid day off to volunteer with nonprofit organizations in the Greater Philadelphia area that aid underserved and marginalized communities and educate young people on leadership skills and financial literacy.
These volunteer services can include providing meals for vulnerable members of the community with AGM Foundation partner Broad Street Ministry; mentoring young women seeking careers in the investment industry through Xponance's partnership with Girls Who Invest; or participating in financial literacy and leadership sessions with foundation partner Philadelphia Youth Basketball, which sponsors and mentors young people in the region to reach their potential as students, athletes and leaders.
"The easiest thing to do is to cut a check. But the more engaged thing to do is cut a check and be involved," said Tina Byles Williams, founder, CEO and CIO of Xponance. "The key is engagement. We're encouraging our colleagues to spend more time getting to know the marginalized population in Philadelphia or mentor a kid through Philadelphia Youth Basketball."
In addition to volunteering with these organizations, Xponance employees can initiate their own community service activities to qualify for paid time off, provided they're consistent with the AGM Foundation's mission of supporting individuals and organizations that educate youth and work to improve the lives of impoverished or marginalized women and children.
Leonard Oremland, managing director, head of distribution and client engagement at Xponance, added in a separate interview that in addition to celebrate the firm's founding, this day of service is also a way of re-engaging in the community "in a post-COVID mindset."
"As society is coming out, we're now coming out," he said. "We want to be present again."
Ms. Byles founded the AGM Foundation in 2006, 10 years after the formation of Xponance (formerly FIS Group).
"When I started the company, we didn't have any capital," Ms. Byles said. "So, I was able to secure a NeSBIC loan backed by the equity in my home. Ten years in, I said, 'By golly, we survived!' And because of that, I felt we needed to recycle the blessings."
Xponance is now looking to expand the AGM Foundation, which works within Philadelphia, to North Carolina, where the firm has an office in Durham. The firm is currently seeking nonprofit organizations within the state to partner with.
Xponance has $12 billion in assets under management.