What You Need to Know
- BlackRock has teamed with the Thurgood Marshall College Fund to support students of HBCUs and PBIs.
- TMCF will receive an annual contribution from BlackRock, representing a portion of revenue from the BlackRock Liquid Federal Trust Fund.
- This is just one of a series of initiatives planned as part of the partnership.
As part of its latest diversity initiative, BlackRock is partnering with the Thurgood Marshall College Fund to support students of historically Black colleges and universities and predominantly Black institutions, BlackRock and TMCF said in a joint announcement Thursday.
TMCF, the largest organization exclusively representing the Black college community, will receive an annual contribution from BlackRock, which will represent a portion of net revenue from BlackRock’s management fee for its BlackRock Liquid Federal Trust Fund (BLFT).
BLFT is a government money market fund designed for investors looking to further positive social outcomes through their cash management.
Several firms have already committed as investors or distributors of BLFT, including Bank of America, BNY Mellon, Capital One, the Coca-Cola Co., Google, Jefferies, Lyft and Verizon, BlackRock and TMCF said.
As part of a commitment to promote diversity, inclusion and helping clients accomplish their ESG goals, BNY Mellon is offering institutional investors access to BLFT via Liquidity Direct, one of the market’s largest short-term investment platforms, giving clients the opportunity to invest in accordance with their social and ethical values, according to BlackRock and TMCF.
BlackRock’s annual contribution to TMCF is just one of a series of initiatives it plans as part of the partnership.