IRVINE, Calif.--(BUSINESS WIRE)--PAAMCO announced today a pledge of $250,000 to fund UCI’s annual LIFEvest Financial Literacy Program. Offered through the Center for Investment and Wealth Management (CIWM) at UC Irvine’s Paul Merage School of Business, the week-long LIFEvest program provides a foundation of financial knowledge for underserved 8th and 9th graders from Orange, Los Angeles and Riverside counties. PAAMCO’s $250,000 pledge will be paid out over the course of five years in $50,000 increments.
“PAAMCO is pleased to partner with UCI on this important initiative. We currently work with groups including 100 Women in Hedge Funds and the Chartered Alternative Investment Analyst Association to promote careers in finance for young professionals and we are delighted to take this a step further to reach kids at the 8th and 9th grade level,” said PAAMCO CEO Jane Buchan. “It can be very powerful at this young age to learn about the potential a career in finance may offer and the personal financial planning skills that are so vital to gaining access to higher education and a successful life.”
“Our program has already helped hundreds of young students. In fact, 90 percent of the students who attended our first program in 2010 have enrolled in college; many of them are the first in their families to do so,” said Lee Anne Maki, associate director for the CIWM. “What better way to celebrate financial literacy than to receive this kind of support from PAAMCO.”
LIFEvest, formerly the Summer Financial Literacy Residential, was launched in 2010 as an annual, one-week-long, on-campus program designed to serve approximately 30 students. PAAMCO’s generous gift will enable the LIFEvest program to expand to offer two sections per year; one for girls and one for boys. “We fundraise all year for this program which costs approximately $2,100 per student, or about $90,000 per section. PAAMCO’s pledge provides critical seed funding that will augment what we have been able to raise each year, but we still need significant support from the business community if we are to expand our program for the long term,” said Kara Duckworth, Duckworth Wealth Advisors and Chairperson for LIFEvest.
The week-long residential program is in high demand among youth organizations and has already had a positive impact on the lives of over 120 pre-high school students. Through a rigorous academic program, LIFEvest attempts to strengthen high-potential students’ understanding of financial matters, encourage admission into a four-year college or university, expose students to career options and inspire confidence and success in all areas of life.
“With growing income disparity in the U.S., a large segment of the population is being left behind; providing an understanding of financial fundamentals is paramount to combating poverty and progressing our communities forward,” explained Andrew J. Policano, PhD, economics professor and faculty director for the Center for Investment and Wealth Management. “Financial education is an essential life skill that is not being taught nearly enough in our schools or homes. By partnering with local non-profit social impact organizations, we are able to provide this education, not just to the selected students in our program, but also to their families, school peers, and other participants in the non-profit programs as our students share what they learn.”
The 2015 LIFEvest program was held August 2 through August 8, 2015. A total of 40 students participated in the annual financial literacy program. Visit: merage.uci.edu/go/LIFEvest to learn more.
PAAMCO is a leading, privately held investment firm dedicated to offering strategic alternative investment solutions to sophisticated investors worldwide. Since its founding in 2000, PAAMCO has focused on investing on behalf of its clients while striving to raise the standard for industry-wide best practices. The firm is well known for its completeAlpha™ approach, which focuses on delivering performance from early stage opportunities, controlling costs and protecting client assets.
About the Center for Investment and Wealth Management
The CIWM is one of seven Centers of Excellence at UC Irvine’s Paul Merage School of Business. Its mission, under the guidance of Faculty Director Andrew J. Policano and the highly valued CIWM advisory board, is to expand knowledge of the complex issues concerning the creation, management and transfer of wealth and to be a respected, transparent source of timely information, educational programs and research on financial literacy, investment and wealth strategies. The CIWM’s vision is to emerge as a thought leader and source of innovative analysis and provide rigorous analysis and critique of existing practices. It aims to become widely recognized as a hub of activity, research, network and application for a vital international industry.
About The Paul Merage School of Business at UC Irvine
The Paul Merage School of Business at UC Irvine offers four dynamic MBA programs, a Master of Professional Accountancy, and PhD and undergraduate business degrees that deliver its thematic approach to business education: sustainable growth through strategic innovation. The school graduates leaders with the exceptional ability to help grow their organizations through analytical decision-making, innovation and collaborative execution. In-class and on-site experiences with real-world business problems give students the edge needed to help companies compete in today’s global economy. For more information, visit: merage.uci.edu.