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Joanne Krell
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Battle Creek, MI – The W.K. Kellogg Foundation today announced a newly formed partnership with Progress Investment Management Company LLC to support and cultivate smaller, entrepreneurial, high-potential investment management companies. Under the terms of the partnership, the Kellogg Foundation will establish up to a $100 million diversified portfolio of emerging fixed income and equity managers to be managed by Progress.
The program’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 program, we are executing on our commitment to live out our core mission in everything we do,” said Joel Wittenberg, 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 program, we are extending that cycle of support by investing in the talent pipeline and providing opportunities for high-potential managers to grow their businesses. We believe that expanded access to emerging managers leads to increased innovation, diversity, independence and equality in the investment industry, and ultimately will help strengthen our communities. We look forward to working with Progress to make the emerging manager program a success.”
Progress Investment Management is a leading U.S. investment advisor and manager of emerging managers. Progress defines “emerging manager” as a registered investment advisor that has at least 51percent employee ownership and $2 billion or less in assets under management at the time of the initial evaluation, as well as all women- and minority-owned investment advisors regardless of size. Progress, its employees and the managers it funds share a commitment to community involvement.
Due to innovative investment strategies, active management and entrepreneurial cultures, emerging managers historically generate greater returns for early stage investors. Progress’s diverse portfolio will complement the Foundation’s existing investment strategy.
“Progress is extremely pleased to be the Kellogg Foundation’s partner in this groundbreaking initiative,” said Mona S. Williams, executive vice president of Progress Investment Management. “This program will help the Kellogg Foundation achieve its investment objectives by engaging some of the best investment talent in the industry. Together our two organizations 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.”
About Progress Investment Management Company
Founded in 1990 and headquartered in San Francisco, Progress Investment Management Company, LLC, is a registered investment adviser and manager of emerging managers. Progress created diversified, risk-controlled, multi-manager investment funds in a variety of asset classes for institutional clients, including public funds, corporation, foundations and endowments. Progress specializes in working with smaller, entrepreneurial money management firms with innovative investment strategies. Progress currently manages $7 billion in assets in domestic and international equities, fixed income and private equity.
