JPMAM's Empower Shares Hit $6 Bil.
J.P. Morgan Asset Management published a press release entitled, "J.P. Morgan Asset Management Commits $1 Million to Support Economic Opportunity for Underserved Youth and Single Mothers as Part of Empowering Change Program." It explains, "J.P. Morgan Asset Management today announced a $1 million dollar commitment to support underserved students through commitments made by the Empower and Community Development Fund, a Donor-Advised Fund established by J.P. Morgan Investment Management Inc. (and administered by the Chicago Community Trust), to the United Negro College Fund (UNCF) and Youth Guidance, as well as to support single mothers through Kingsborough Community College in Brooklyn, New York and Lee College in Houston, Texas. This announcement, part of J.P. Morgan Asset Management's February 2021 commitment to make a donation of 12.5% of its annual gross revenue received from the management fees on the Empower money market share class assets to the Empower Community Development Fund, a Donor-Advised Fund that is committed to supporting community development, aligns with the firm's broader commitment to preparing people for the future of work and closing the racial wealth gap." The piece quotes Paula Stibbe, "We launched Empowering Change in 2021 to connect institutional investors and diverse financial institutions to drive systemic change within underserved communities, and we're incredibly proud to be committing $1 million as the program's first annual donation to further this mission in collaboration with these long-standing partner organizations.... In a little over twelve months our Empower share class has not only surpassed $6 billion in assets under management but has attracted investments from some of America's most highly regarded companies, which is testament to the appeal of pioneering initiatives like Empowering Change to help advance racial equity. By expanding the number of MDI partners we're working with, we've also ensured that the program is reaching more underserved communities across the country, and we look forward to continuing to build the program in the years to come." JPMAM's release adds, "The Empower share class, offered across the firm's money market funds, was established as part of the Empowering Change program for exclusive distribution by MDIs and diverse-led CDFIs, allowing institutional clients to support MDIs and diverse-led CDFIs and further their ESG commitments. The Empowering Change program has achieved a number of significant milestones since launching in February 2021: Empower share class surpassed $6 billion in assets under management (as of 7/20/22).... Significant blue-chip institutional investment in Empower share class across a diverse range of industries, including an investment from the National Football League."
