WEBVTT - Creating a Pipeline from HBCUs to Finance

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news. This is Bloomberg Business

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<v Speaker 1>Wait inside from the reporters and editors who bring you

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<v Speaker 1>America's most trusted business magazine, plus global business finance and

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<v Speaker 1>tech news. The Bloomberg Business Week Podcast with Carol Messer

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<v Speaker 1>and Tim Stenebeck from Bloomberg Radio.

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<v Speaker 2>Well, the share of black students in the incoming class

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<v Speaker 2>at the Massachusetts Institute of Technology plummeted after the Supreme

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<v Speaker 2>Court effectively banned considering race as a factor in undergraduate

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<v Speaker 2>admissions last year. Matt, you really, you know, like you

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<v Speaker 2>got to look at the stories? Is like the great

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<v Speaker 2>for a setup with our next guest.

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<v Speaker 3>I sent you this story.

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<v Speaker 2>You did, you did? That's what I said I was

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<v Speaker 2>giving you.

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<v Speaker 3>I thought you said I should look at the story.

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<v Speaker 3>I send you this. No, I think it's absolutely fascinating.

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<v Speaker 2>Well in the university said, they put this out yesterday.

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<v Speaker 2>The class of twenty twenty eight is five percent blackt

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<v Speaker 2>down from an average of thirteen percent in recent years.

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<v Speaker 2>The share of Hispanic students in the class is eleven percent,

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<v Speaker 2>and that's down from fifteen percent. I am sure.

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<v Speaker 3>Well, the share of Asian students is now forty seven

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<v Speaker 3>percent and it was forty two percent. So on the

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<v Speaker 3>one hand, you know, it's a it's it's to their

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<v Speaker 3>detriment this new class that they won't have as much

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<v Speaker 3>representation from black people or from Hispanic people. On the

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<v Speaker 3>other hand, you think what happened to the Asians before

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<v Speaker 3>that we're getting we'ren't getting in like you know, they're

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<v Speaker 3>getting the test scores.

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<v Speaker 1>So you know, I know, I know.

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<v Speaker 2>So all right, let's see what our next guest has

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<v Speaker 2>to say about this. I'm sure he's got some thoughts.

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<v Speaker 2>Let's head to Atlanta and Ed Smith Lewis. He's senior

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<v Speaker 2>vice president of strategy at UNCF. Of course, the United

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<v Speaker 2>Negro College Fund, and they support thousands of students and

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<v Speaker 2>also HBCUs close to forty of them historically black colleges

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<v Speaker 2>and universities. Ed, great to have you here. We do

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<v Speaker 2>believe you've got some thoughts on this. You hear those

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<v Speaker 2>MIT statistics and you think, what.

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<v Speaker 4>When I hear those MIT statistics, I think, where's the

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<v Speaker 4>opportunity in all of it? How do we start to

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<v Speaker 4>sort of maybe reposition sort of the deficit or the

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<v Speaker 4>change and the percentage of individuals that may or may

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<v Speaker 4>not enroll in our Mits of the world and start

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<v Speaker 4>to think more intentionally about how do we create more

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<v Speaker 4>robust institutions that compare to MIT and such as such

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<v Speaker 4>as not a conversation about who got into the Ivy League,

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<v Speaker 4>but how is our higher education system really serving the

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<v Speaker 4>needs of all of our students, regardless of which sort

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<v Speaker 4>of medallion institution they may have gone to. How do

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<v Speaker 4>we think about investing the resources of MIT and the

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<v Speaker 4>opportunities that MIT provide and really start developing those in

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<v Speaker 4>the other spaces and places where our students have been enrolled.

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<v Speaker 3>I mean, ideally, any higher education institution is going to

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<v Speaker 3>want to have a diverse class that benefits everybody in

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<v Speaker 3>the class, right, and you want it to be so

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<v Speaker 3>somewhat representative of the society in which you live. So

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<v Speaker 3>if there's a deficit of black students or a deficit

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<v Speaker 3>of Hispanic students, admissions Admissions is going to have to

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<v Speaker 3>try and fix that. How can they fix it if

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<v Speaker 3>they can't take, you know, race or ethnicity into account.

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<v Speaker 4>Race may be one indicator of whether or not a

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<v Speaker 4>student has or has not had the right set of

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<v Speaker 4>opportunities or scored the right test or scored the right

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<v Speaker 4>score or on the right test. But the reality is,

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<v Speaker 4>if we look at other differentiating factors, like lived experience,

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<v Speaker 4>where people are born, what high schools they've gone to,

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<v Speaker 4>and really look at the institutional context around an individual's experience,

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<v Speaker 4>you can likely get to some of the same results

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<v Speaker 4>whatever without ever really having to say race. And while

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<v Speaker 4>that's a good how do you do it?

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<v Speaker 2>How do you do it well?

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<v Speaker 4>Will you do it by looking at what schools individuals

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<v Speaker 4>go to?

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<v Speaker 1>Right?

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<v Speaker 4>How about we move away from the idea that we're

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<v Speaker 4>going to take the highest s T score from the

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<v Speaker 4>number one prep school as an admission requirement and say, well,

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<v Speaker 4>if we want diversity, let's ensure that we're pulling students

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<v Speaker 4>from all the types of institutions public, public high schools,

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<v Speaker 4>private high schools, rural high schools. And you'll likely get

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<v Speaker 4>to the same place if you diversify your geographic approach

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<v Speaker 4>or your institutional type.

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<v Speaker 2>So is this about looking at somebody who's maybe at

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<v Speaker 2>a school system that isn't so great but did really

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<v Speaker 2>well compared to their peers. Is that what you're talking

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<v Speaker 2>about or something else? Or just being much more diverse

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<v Speaker 2>in terms of where you look for students.

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<v Speaker 4>Well, I think it's where you look and what you're

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<v Speaker 4>looking for. At present, we're putting a lot of energy

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<v Speaker 4>into test scores, and we all know, or at least

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<v Speaker 4>higher education knows, that test scores actually are an indicator

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<v Speaker 4>of success. You can look at what other opportunities was

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<v Speaker 4>the student engaged in based on his or her contexts. Now,

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<v Speaker 4>is it great that you have a high test score

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<v Speaker 4>and someone who played the piano and an orchestra. Perhaps,

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<v Speaker 4>But maybe that student who come from a rural area

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<v Speaker 4>where they didn't have access to the same types of opportunities,

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<v Speaker 4>but led a student organization or participated in community service

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<v Speaker 4>heavily has the same type of tenacity and desire to

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<v Speaker 4>grow and learn, maybe without the opportunities. So what you're

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<v Speaker 4>looking for is trying to write size expectations on outcomes

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<v Speaker 4>with expectations or inputs or opportunities those individuals have had.

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<v Speaker 2>So are you like you're talking about the standardized testing?

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<v Speaker 2>Is that in particular you're thinking is not a good thing?

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<v Speaker 4>For sure?

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<v Speaker 1>Yeah?

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<v Speaker 4>I think suthardized testing is just rooted in sort of

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<v Speaker 4>a systematic approach to getting an understanding of one's aptitude,

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<v Speaker 4>And I think We've learned through differentiated approaches in K

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<v Speaker 4>twelve that not everyone learns the same and if you

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<v Speaker 4>don't learn the same, you likely don't test the same.

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<v Speaker 4>And so how do we start to think about differentiated

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<v Speaker 4>models of assessing a student's readiness to learn? And that's

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<v Speaker 4>what we're saying. We're just looking for differentiated approaches here

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<v Speaker 4>at UNCF we're a scholarship organization. We're actually looking at

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<v Speaker 4>more cognitive opportunities, and we're moving away from sort of

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<v Speaker 4>raw quantitative understanding to a qualitative one where we're educating

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<v Speaker 4>our readers or our scholarship application scores on what can

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<v Speaker 4>you look for and how a student thinks about his

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<v Speaker 4>or her lived experience, what opportunities they had, how do

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<v Speaker 4>they think about loss and failure as well as their

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<v Speaker 4>wins in their writing, and how they communicate their experience

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<v Speaker 4>and less about the test score.

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<v Speaker 3>I know, I went to some public school graduations in

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<v Speaker 3>the Midwest this year, and I noticed that each of

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<v Speaker 3>these schools with classes of two or three hundred kids

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<v Speaker 3>had one or two in the IVY leagues. And if

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<v Speaker 3>you go to graduations here at you know, Nightingale, Bamford School,

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<v Speaker 3>or collegiate if you look at you know, graduating classes

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<v Speaker 3>at Deerfield or Andover private they're they're putting dozens of

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<v Speaker 3>kids into the IVY Leagues, and I think that's part

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<v Speaker 3>of their admissions process, and maybe the ivs need to

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<v Speaker 3>rethink that at years.

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<v Speaker 2>Some of it, though, is I will also say it's

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<v Speaker 2>you know, generateational, you know families that legacies legacies in

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<v Speaker 2>a big way. Right.

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<v Speaker 3>Well, I mean, if these Ivy League schools really want diversity,

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<v Speaker 3>they're going to have to really rethink that admissions process

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<v Speaker 3>because you can't always take a dozen kids from the

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<v Speaker 3>most expensive boarding schools in the country and then ignore

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<v Speaker 3>all these private schools in Flyover Country and talk to

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<v Speaker 3>us about a CLAIM Accelerated Learning in Asset Investment Management.

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<v Speaker 3>You're working to get a robust pipeline of students from

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<v Speaker 3>historically black colleges and universities from HBCUs. So talk to

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<v Speaker 3>us about this program and how you're doing it.

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<v Speaker 4>No, we're really excited about the support from at its

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<v Speaker 4>capital at phil Grows and its investment in project ACCLAIM,

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<v Speaker 4>where we are fundamentally focused on providing the right opportunities

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<v Speaker 4>to our students to take advantage of the robust economy

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<v Speaker 4>that we have in our country. Project Acclaim has three

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<v Speaker 4>simple objectives. Think number one, provide student experiences from an

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<v Speaker 4>academic perspective that really enables them to understand through hands

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<v Speaker 4>on experience, what does it mean to be an asset

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<v Speaker 4>manager in this country? For many HBCUs, seventy five percent

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<v Speaker 4>of our students are low income or come from low

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<v Speaker 4>income families. Sixty percent of first in their generation in

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<v Speaker 4>their family to go to college, their first generation students,

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<v Speaker 4>and so the idea that you would have exposure to

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<v Speaker 4>asset management careers are few and far between for many

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<v Speaker 4>of the students. More importantly than having that exposure to

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<v Speaker 4>asset management is that real hands on experience. Because you

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<v Speaker 4>can learn from the textbook all day, but until you

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<v Speaker 4>have a real experience, an opportunity to sort of touch

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<v Speaker 4>the opportunity, we know that our students don't do as

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<v Speaker 4>well with sort of been thrown into the defense. And

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<v Speaker 4>so the question becomes, how can we move upstream in

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<v Speaker 4>the asset management pipeline and start to invest heavily in

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<v Speaker 4>real experience. That's what Project Acclaim is set to do.

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<v Speaker 4>It will invest four million dollars into an investment fund

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<v Speaker 4>that's madaged by students on the campuses of Morehouse and

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<v Speaker 4>Howard University in our pilot years. This real investment opportunity

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<v Speaker 4>to understand what does it take to ensure the risk

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<v Speaker 4>profile of your investment are appropriate, to do the due

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<v Speaker 4>diligence necessary to make an investment, to track, monitor and

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<v Speaker 4>assess the progress against your portfolio is a real opportunity

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<v Speaker 4>just going to be provided to these institutions, and with

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<v Speaker 4>the support Avtage Capital, an opportunity to scale that to

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<v Speaker 4>many more HBCUs over time. We're excited about this program

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<v Speaker 4>not just because of that hands on experience, but the

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<v Speaker 4>approach we're taken to do it. UNCF is leveraging a

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<v Speaker 4>shared fund approach where Howard students and Morehouse students will

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<v Speaker 4>operate under the same approach to understand what can we

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<v Speaker 4>do to build the capacity of our institution stuff provide

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<v Speaker 4>these kind of high relevant programs and so that also

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<v Speaker 4>has the potential to scale well.

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<v Speaker 3>And I mean the idea ultimately is to get them

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<v Speaker 3>basically on Wall Street or in global Wall Street. I

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<v Speaker 3>wonder if what I'm watching is especially industrial companies in

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<v Speaker 3>the Midwest, you know, John Dee or Harley Davidson a

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<v Speaker 3>Jack Daniels are shying away from their DEI initiatives, but

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<v Speaker 3>I feel like Wall Street and American you know, the

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<v Speaker 3>American public still embraces these de I initiatives. Is that

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<v Speaker 3>what you're seeing as well.

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<v Speaker 4>Well to your earlier point, to have diversity of perspectives

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<v Speaker 4>is actually to have an organization that's well functioning and efficient.

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<v Speaker 4>As you might imagine, when it comes to investment, it's

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<v Speaker 4>always knowing where is the put going, And to have

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<v Speaker 4>different perspectives sitting around the table means your due diligence

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<v Speaker 4>is just better. And we've seen from minority asset managers

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<v Speaker 4>sometimes one, two, three x outcomes compared to market rates.

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<v Speaker 4>And that's just because sometimes you're asking a different question

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<v Speaker 4>which also leads to a different answer. And so that

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<v Speaker 4>diversity of perspectives, we think is a benefit to all companies,

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<v Speaker 4>not just our asset management.

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<v Speaker 2>Tons of research over decades have like pointed that out

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<v Speaker 2>the importance of diversity in the boardroom, diversity to company.

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<v Speaker 2>But having said that, you know, as companies, I do

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<v Speaker 2>wonder at as companies increasingly are rolling back their DEI

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<v Speaker 2>plans and strategies. As Matt just pointed, out. You know,

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<v Speaker 2>Harley Davidson, you had Jack Daniel's maker Brown Foreman today

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<v Speaker 2>we had a story on it Deer in company. How

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<v Speaker 2>does it make it more difficult for maybe what you're

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<v Speaker 2>trying to do to get that pipeline that is more diverse,

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<v Speaker 2>whether it's going into financial services or somewhere else. And

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<v Speaker 2>we've just got about forty five seconds.

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<v Speaker 4>No, it's always been a difficult struggle, to say the least.

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<v Speaker 4>We are trying to close systemic gaps and opportunity within organizations.

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<v Speaker 4>But the reality is for those that are taking a

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<v Speaker 4>step back at this moment, we're focusing our attention on

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<v Speaker 4>those who are leaning in. We fundamentally believe if we

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<v Speaker 4>can find the coalition of the willing, prove the value,

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<v Speaker 4>that it becomes a market differentiator than those who may

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<v Speaker 4>have stepped back for the moment might realize the business

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<v Speaker 4>opportunity associated with this and come on board and eventually

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<v Speaker 4>realize not only is it beneficial to the business, beneficial

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<v Speaker 4>to inclusion generally in our country.

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<v Speaker 2>All right, well, listen, super good to get some time

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<v Speaker 2>with you. I really appreciate it. Good luck with your

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<v Speaker 2>pursuits there. Ed Smith lewis a Senior VP of Strategy

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<v Speaker 2>at the United Negro College Fund, joining us here on

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<v Speaker 2>Bloomberg Business Week.

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<v Speaker 1>This is the Bloomberg Business Week podcast, available on Apple, Spotify,

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