Apple is teaming up with women-owned investment adviser Seelaus Asset Management, according to a new report from Bloomberg. This means that Apple will allocate a portion of its cash to the investment adviser to “support a new one-year rotational job program for women.”
The Bloomberg report explains what this means:
Seelaus, which has more than $600 million in assets under management, will manage a portfolio for the iPhone maker, according to a statement Thursday. The fees from the asset management deal will help power the training program, according to Ben Seelaus, chief operating officer of R. Seelaus & Co. Inc., which owns Seelaus Asset Management.
Seelaus Asset Management called Apple’s move a “step forward” for women-owned asset managers. Currently, women are “critically underrepresented,” the company’s CEO explained:
“Women remain critically underrepresented at every level of the asset management industry, with the pandemic putting even more pressure on women in the workforce,”Annie Seelaus, chief executive officer of R. Seelaus, said in the statement. “We are honored to have the support of Apple who has been at the forefront of the diversity and inclusion discussion and recognizes the need to drive impact across their business, including with their investment dollars.”
Other details about the partnership between Seelaus and Apple are sparse, but Apple’s investment will go toward supporting a new one-year rotational job program for women. The announcement comes on the heels of a variety of other initiatives from Apple for Women’s History Month.