Written by Lori Hylton and Priscilla Trinh

August 24, 2024

Amidst anti-DEI efforts in the U.S. (see the recent Fearless Fund court case) and rising tensions during an election year, the need for greater inclusion remains as we collectively navigate and build our economy.  

In the finance sector, BIPOC professionals have long been underrepresented. This is also true of the SRI (socially responsible investing) industry, where the investment community has sought to be allies without creating significant space for their voices at the table. According to a 2019 study, of 15 U.S. based mutual fund families exclusively focused on SRI / ESG investing, white people composed roughly 80% of employees and Black people constituted a mere 7%. BIPOC students interested in finance careers are often faced with three specific challenges: access to professional networks; exposure to the field; and the financial resources to accept unpaid summer positions.  

Croatan Institute aims to open a path to careers in impact investing with its BLAISE (BIPOC Leaders Advancing an Inclusive and Sustainable Economy) initiative by addressing some of the key barriers to participation for BIPOC students.  

The BLAISE internship program is tailored to address those challenges for BIPOC students interested in impact investing, helping to create pathways to rewarding careers. The program facilitates the development of professional networks, provides training and exposure to the field, and provides a stipend that allows them to participate regardless of financial circumstances. 

Over the last eight weeks, the second cohort of the BLAISE (BIPOC Leaders Advancing an Inclusive and Sustainable Economy) interns were hosted by three organizations embarking on a co-learning journey. 

This year three students were placed with the support of key partners:  

• Stephanie Silva (Boston University) with Croatan Institute  

• Duy Ngueyn (Yale University) with Mercy Investment Services 

• Zaina Maqbool (University of Pennsylvania) with Westfuller Advisors 

Stephanie reflects on her internship with us, “I have had the opportunity to see and learn how changing capital behavior can address disparities. These valuable mentorship experiences have helped me gain a deeper understanding of myself and my career journey.”  

At Mercy Investment Services, Duy said “It was incredibly fulfilling to witness the tangible impact of my efforts, especially seeing a building I’d walked by countless times being restored and repurposed into much-needed housing for low-income families.” 

Meanwhile, Zaina recognized through her time at Westfuller that “finance is not solely about maximizing returns but can simultaneously include aligning investments with personal values to drive positive social and environmental impact.” 

From an employer perspective, Ellen Chiu at Westfuller states, “Partnering with BLAISE was instrumental in the success of our annual summer internship program. BLAISE’s organized and inclusive outreach […] resulted in a highly qualified pool of applicants, enabling us to focus on developing a meaningful summer internship experience.” 

There is potential to demystify the world of finance and close the racial equity gap through early investments in young leaders. As we head into 2025, we are eager to bring this opportunity to more students invested in the future of transformative capital and community wealth building.  

For interested rising junior and senior undergraduates, applications for expressions of interest are open now.  

This program would not be possible without dedicated employer organizations. We welcome interested companies to connect with us and explore ways we can support each other to bring in more diverse voices into the workspace.