The University of Detroit Mercy has announced a $3 million gift from alumnus Richard Charlton ('65) in support of efforts to address lack of diversity in the financial industry.
With the goal of providing opportunities for underrepresented and minority students from Detroit who wish to earn a degree in business, the gift from the founder of New England Pension Consultants will establish the Charlton Center for Responsible Investing in the College of Business Administration. The largest single gift from a living alumnus to the current $100 million Campaign for University of Detroit Mercy will enable the center to take a holistic approach to investment education, including the recruitment of underrepresented students; the promotion of research and programming skills; preparation for professional certifications; experiential learning opportunities; and community and industry engagement.
According to a 2018 survey conducted by the Certified Financial Planners Board Center for Financial Planning, only 3.5 percent of the eighty thousand certified financial planners in the United States are African American or Latinx. To help address that lack of diversity, the center will work to assist students in securing internships and jobs in the institutional investment field; integrate technology and investment education; establish a lecture series; and provide students with opportunities to take field trips, compete in investment competitions, and pursue chartered financial analyst (CFA) and chartered alternative investment analyst (CAIA) designations.
"Richard Charlton's gift directly supports our mission and tradition of academic excellence and commitment to our community," said Detroit Mercy president Antoine M. Garibaldi. "With this generous contribution, students who once thought a Detroit Mercy education might not be possible can now work toward their degree in the financial and investment fields with the support of this new center of excellence. It will truly make a life-changing difference in the lives of many students."