Florida A&M University (FAMU) alumnus Timothy Woods, CFA, has been hired as head of HBCU Strategic Initiatives by PGIM, the $1.4 trillion global investment management business of Prudential Financial, Inc.
PGIM also announced the launch of a partnership with FAMU. PGIM’s Office of Diversity, Equity & Inclusion is launching an Historically Black Colleges and Universities (HBCU) investment initiative that will provide investment management education and training for select HBCU decision-makers who manage endowments to support their work as stewards.
To provide students with real-world investing experience, the program will help establish and maintain student-run investment funds at select HBCUs, along with support and training, and scholarships for HBCU students to increase education affordability. This new PGIM program builds on Prudential’s decades-long commitment to strengthening HBCUs’ capacity and assisting students through recruiting and financial commitments, including a recent round of more than $3 million in grants, the company announced June 2.
This PGIM strategy is a new pillar in a developing partnership with Hampton University, in which PGIM is funding technology to support a student-run investment fund and host a speaker series featuring a seasoned PGIM investment professional. PGIM is also establishing a partnership with FAMU.
Woods brings two decades of expertise in the asset management industry, having worked as a portfolio manager and equity analyst at Deutsche Bank Asset Management, ClearBridge Investments, and JP Morgan Asset Management. Most recently, Woods was the senior managing director, senior analyst, and chief risk officer for small- and mid-cap growth funds at Lisanti Capital Growth in New York. He brings a deep understanding of investment and financial analysis, having worked on funds with a history of top-tier performance and asset growth.
Woods has an MBA in finance from the Wharton School, University of Pennsylvania, and a Bachelor of Science from FAMU. He is a chartered financial analyst (CFA) and a member of the CFA Society of New York.
Woods was a senior when School of Business and Industry (SBI) Dean Shawnta Friday-Stroud, Ph.D., was a freshman.
“We are excited about the opportunities it will create for our students in a space where we have historically been underrepresented,” said Friday-Stroud, who is also vice president for University Advancement and executive director of the FAMU Foundation. “The partnership will involve creating opportunities for students, engaging in curriculum development and enhancing financial support for our students.”
HBCUs provide a path to high quality education, lucrative careers, and economic mobility for Black students, thereby reducing the racial wealth gap. Yet HBCUs have long faced disadvantages in raising funds and creating robust endowments to support their students compared to their peer institutions across the country, PGIM said in its announcement of Wood’s selection to lead the new program.
In 2020, the 10 largest HBCU endowments totaled $2 billion, compared with $200 billion for the endowments at the 10 largest predominantly white institutions.
Based in Newark, New Jersey, Woods will report to PGIM’s chief diversity, equity and inclusion officer, Kathy Sayko. He will develop and implement a strategy to leverage PGIM’s investment management expertise to support HBCU leadership, faculty and students. Woods will serve as the primary point of contact between PGIM and HBCU leadership and investment teams. He will also be responsible for engaging directly with students and professors to amplify their investments and finance coursework and expertise and will support student programs aimed at increasing access and exposure to the investment management industry.
“PGIM’s HBCU investment strategy will be a cornerstone of our diversity, equity and inclusion community engagement pillar by driving equitable access to education and experience for the next generation of financial professionals,” Sayko said. “Tim demonstrates a passion for the vibrancy and sustainability of HBCUs and the opportunity to contribute to their achievement of long-term investment goals and overall success. As a deeply experienced investment professional and HBCU alumnus, we are thrilled to have secured the partnership of Woods to advance this program.”
ABOUT PGIM
PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world2 with more than $1.4 trillion in assets under management as of March 31, 2022. With offices in 17 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
