What you need to know
- Apple is investing in women-led investment firm Seelaus Asset Management.
- Fees made from the investment will be used to launch a jobs program for women.
Apple is investing in women-owned investment advisor Seelaus Asset Management, which will use the profit made from the investments to launch a new one-year rotational job program for women.
As reported by Bloomberg, the program is being funded by the fees made from a portfolio that the firm will manage for Apple.
Seelaus, which has more than $600 million in assets under management, will manage a portfolio for the iPhone maker, according to a statement Thursday. The fees from the asset management deal will help power the training program, according to Ben Seelaus, chief operating officer of R. Seelaus & Co. Inc., which owns Seelaus Asset Management.
The partnership is being hailed as an important "step forward" for women-owned asset management firms.
The business called the Apple allocation a "step forward" for women-owned asset managers and marks another way corporations are seeking to boost women and minority-owned firms. Last year, Allstate Corp. hired solely banks owned by minorities, women or veterans for a bond sale last year in one of the biggest corporate deals managed only by diverse firms at the time.
Annie Seelaus, chief executive officer of R. Seelaus, says that the partnership shows that women need to be represented at every level of the asset management industry.
"Women remain critically underrepresented at every level of the asset management industry, with the pandemic putting even more pressure on women in the workforce ... We are honored to have the support of Apple who has been at the forefront of the diversity and inclusion discussion and recognizes the need to drive impact across their business, including with their investment dollars."
Apple also recently opened applications for its Entrepreneur Camp for Female Founders and Developers, but the application process closes on March 26 so make sure to apply soon!
