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Kellogg Foundation to create USD100m emerging manager programme

The W.K. Kellogg Foundation has formed a partnership with Progress Investment Management to support and cultivate smaller entrepreneurial investment management companies.

Under the terms of the partnership, the Kellogg Foundation will establish up to a USD100m diversified portfolio of emerging fixed income and equity managers to be managed by Progress.

The programme’s goal will be to generate positive, market rate returns for the foundation while providing entrepreneurs in the investment industry with the resources they need to build their businesses, thereby helping further the foundation’s commitment to engender success and to support communities across the country.

"By establishing the emerging manager programme, we are executing on our commitment to live out our core mission in everything we do," says Joel Wittenberg (pictured), chief investment officer of the Kellogg Foundation. "We have a long tradition of helping vulnerable children achieve success as individuals and as contributors to the larger community and society. Through this programme, we are extending that cycle of support by investing in the talent pipeline and providing opportunities for high-potential managers to grow their businesses."

Progress Investment Management is a US investment adviser and manager of emerging managers. Progress defines emerging manager as a registered investment adviser that has at least 51 per cent employee ownership and USD2bn or less in assets under management at the time of the initial evaluation, as well as all women- and minority-owned investment advisers regardless of size.

"Progress is extremely pleased to be the Kellogg Foundation’s partner in this groundbreaking initiative," says Mona S. Williams, executive vice president of Progress Investment Management. "This programme will help the Kellogg Foundation achieve its investment objectives by engaging some of the best investment talent in the industry. Together our two organisations will work to level the playing field for emerging managers. We share the Kellogg Foundation’s goals of improving the communities in which we live and work, and we are committed to a successful partnership."

Established in 1930, the W.K. Kellogg Foundation supports children, families and communities. Grants are concentrated in the US, Latin America and the Caribbean, and southern Africa.

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