Saint Peter’s University in Jersey City is partnering with the investment firm Lord Abbett to launch its first Student Managed Investment Fund, it announced Monday.
The Jersey City-based college said in a news release that business students will be able to take stock market simulations to a real-world level by investing $50,000 in funding provided by Lord Abbett.
Lord Abbett, also based in Jersey City, will provide training, mentoring and career engagement opportunities for students, as well as the funding, the university said.
“At the Frank J. Guarini School of Business, we consistently seek new opportunities for our students to have valuable experiences that will help them develop necessary leadership and professional skills,” Mary Kate Naatus, KPMG Dean of the business school, said in a prepared statement. “The partnership with a respected asset manager such as Lord Abbett will not only provide new career opportunities for our students, it will also build the university’s brand and highlight our talented students and young professionals.
“Our department of economics and finance has developed a unique and robust academic experience, led by expert faculty.”
The academic component of the fund is designed to provide undergraduate students with hands-on investment experience using real money, Saint Peter’s said, helping them boost their understanding of the market, financial decision-making and more. They will also learn from guest speakers on the markets from Lord Abbett, and receive internship opportunities and participate in career-related events.
“Lord Abbett is committed to partnering with organizations in the community that align with our mission, and Saint Peter’s University is certainly one of them,” Catherine Tantillo, head of community relations at Lord Abbett, said in a statement. “We believe this partnership will promote Lord Abbett’s investment expertise and will develop a potential pipeline of diverse talent for our organization.
“We look forward to working with Saint Peter’s students and faculty.”
Finance and economics majors will be eligible to apply for the investment team, and select participants will have required co-requisite courses. Faculty advisers on the academic component of the project include assistant professors Samar Issa and Amanda Page-Hoongrajok.