Alabama State University Receives Wall Street Firm’s Historic Endowment Assistance
© Courtesy of Alabama State University
Alabama State University is partnering with private equity firm Neuberger Berman to manage the school’s $125 million endowment – making it the largest such partnership between a Wall Street firm and a public historically Black college and university (HBCU) ever.
The new relationship is a “blessing,” according to ASU President Quinton T. Ross, Jr. He called the partnership overwhelmingly impactful for ASU.
“Through this partnership with Neuberger Berman, not only do we look at the long term stability of the institution, but also the investment in students who will be receiving scholarships for generations to come,” Ross said. “Because of monies generated by our endowment, because of this partnership, we ensure that students are able to benefit from what we’re doing.”