Alabama State University recently announced a partnership with one of Wall Street’s most prestigious private equity firms to manage ASU’s $125 million endowment.

ASU and the New York City firm, Neuberger Berman, have established a deal that is the biggest joint venture ever accomplished between a Wall Street firm and a public Historically Black College or University (HBCU).

“We are very excited to announce this new partnership, which not only addresses the long-term stability of the institution, but also will help to provide financial support for our current and future students,” said ASU President Dr. Quinton T. Ross Jr. “Our endowment generates much-needed revenue for the university. Having Neuberger Berman as a management partner for the endowment ensures that students will continue to benefit from our efforts.”

Ross said the partnership also provides ASU students with access to internship programs with Neuberger Berman, which could lead to employment opportunities after graduation.

Ross explained that there are additional benefits to the university’s new partnership.

“As the endowment grows, we will be able to use some of those funds not only for scholarships, but also to help to secure and stabilize our infrastructure,” Ross said. “That’s why it’s necessary to make sure that you have the right partner – Neuberger Berman – with the right vision … so that they can move along with you in that time of growth.”

As the president of the nation’s oldest state-sponsored HBCU, Ross said he believes that this historic financial management agreement is good not only for ASU but also for HBCUs in general.

“Longevity is in our DNA and through that,” he said, “we have to continue to wave the banner … that HBCUs really are the greatest thing that happened within the African American community when you look at the production of powerful citizens across this nation.”