Alabama State University receives Wall Street firm’s historic endowment assistance

STOCK PHOTO/Getty Imagesto 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 ever.

Ross is confident both scholarships and internships will benefit current students like rising junior Kayleigh Dunn. The finance major said she is still pinching herself after landing a coveted summer job at the firm in New York City. MORE: Morehouse faculty votes to award Biden honorary degree amid commencement controversy over handling of war in Gaza

"As the endowment grows, we will be able to use some of those funds, not only for scholarships, but also to help to secure and stabilize our infrastructure," he said, adding "That's why it's necessary to make sure that you have the right partner with the right vision, because they can move along with you in that time of growth."

Dominique Baker, associate professor of education and public policy at the University of Delaware, said the partnership is unique for HBCUs.

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