Prudential Continues Support of Boys and Young Men of Color in Next Phase of My Brother’s Keeper

Date : 05/04/2015 @ 7:30PM
Source : Business Wire
Stock : Prudential Financial Inc (PRU)
Quote : 89.34  -0.08 (-0.09%) @ 12:59AM
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Prudential Continues Support of Boys and Young Men of Color in Next Phase of My Brother’s Keeper

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Lori Dickerson Fouché, CEO of Prudential Group Insurance, to join board of My Brother’s Keeper Alliance; group will sustain the mission of My Brother’s Keeper beyond Obama administration

As part of the company’s ongoing support for the My Brother’s Keeper (MBK) initiative, Prudential Financial announced its involvement in the My Brother’s Keeper Alliance (MBK Alliance), which President Obama announced today in Bronx, NY. MBK Alliance, a new nonprofit organization, will continue to work toward better life outcomes for young boys and men of color. Lori Dickerson Fouché, CEO of Prudential Group Insurance, will sit on the board of the MBK Alliance.

MBK Alliance will convene public, private, and nonprofit stakeholders around MBK’s mission, building strong local community networks to help create better life outcomes for boys and young men of color. The organization will work to build partnerships, mobilize new funding commitments, collect data, and offer technical assistance for communities participating in the initiative. As one of MBK’s anchor corporate partners, Prudential has committed a total of $13 million in grants and impact investments to this work.

“Communities across the country are making tremendous efforts to close the opportunity gap and break down systemic barriers that prevent boys and young men of color from reaching their full potential,” said Lata Reddy, Prudential’s vice president of Corporate Social Responsibility. “Our investments will help create opportunities for young people to achieve financial and social mobility.”

“I’m looking forward to representing Prudential on the board of the MBK Alliance,” said Lori Dickerson Fouché, CEO of Prudential Group Insurance. “As a company, we’re committed to helping all people build brighter financial futures, and I can’t think of a better way to extend the impact of our business for social good than by addressing the critical issues facing boys and young men of color.”

Prudential’s ongoing commitment includes a $3 million grant to help establish the MBK Alliance and provides technical assistance to the cities, municipalities and tribal nations who are involved in MBK. The funds will support communities in building the necessary infrastructure to improve the lives of boys and young men of color. Prudential has also committed $10 million in impact investments to support:

  • Next generation manufacturing facilities in traditional urban centers and other areas to create quality employment opportunities for boys and young men of color.
  • Opportunities for entrepreneurship and access to capital for minority communities, by investing in firms that are focused on communities of color, as well as supporting minority banks and other financial institutions.
  • Innovative education and training programs that help boys and young men of color build the skills they need to obtain quality jobs.

Joe Echevarria, who will serve as the interim Executive Director of the MBK Alliance, said, “Prudential is a significant corporate partner for MBK. Their business expertise and commitment to opening doors for underserved communities has been very valuable for MBK and we look forward to their continued partnership.”

MBK Alliance aims to eliminate the gaps in opportunity and achievement for boys and young men of color – making the American dream available to all. In early 2014, the White House launched the My Brother’s Keeper Initiative to engage partners and stakeholders in that effort from both the private and public sectors. MBK Alliance is an independent, nonprofit organization created to advance progress in the private sector, and catalyze a national ecosystem of support to help boys and young men of color recognize their full potential through strategic evidence-based interventions. MBK Alliance is a sponsored project of Rockefeller Philanthropy Advisors. For more information on MBK Alliance, visit www.mbkalliance.org

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of December 31, 2014, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.

PrudentialDawn Kelly, 973-802-7134dawn.kelly@prudential.comorSheila Bridgeforth, 973-802-6852sheila.bridgeforth@prudential.com

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