Apple has launched another community development initiative for women. Bloomberg reports that the Cupertino tech giant is investing in an investment adviser, Seelaus Asset Management, for a new one-year job program for women.
Earlier, Apple announced the opening of the 2021 Entrepreneur Camp for female founders and developers. Held to support underrepresented founders and developers “as they build the next generation of cutting-edge apps and helps form a global network that encourages the pipeline and longevity of these entrepreneurs in technology.” The attendees will receive code-level guidance, mentorship, and inspiration with unprecedented access to Apple engineers and leaders. And now, the company is investing more money in providing women job opportunities.
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.
Apple invests in a one-year Job program for women in partnership with asset management firm
Currently, details such as the invested amount, eligibility criteria, and the scope of the program are not known. However, the owner and chief executive officer of R. Seelaus of the woman-owned investment company explained that due to the COVID-19 pandemic adverse impact, women economic condition got from bad to worse. Therefore, Seelaus expressed her gratitude for Apple to take the lead in improving the situation. She said that,
“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.”
Furthermore, the new initiative is called a building step in the right direction to uplift marginalized sections of the society like women, and Black and Brown communities.
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.