A pair of new but different investment vehicles are debuting in Detroit this year. One is a small fund managed by college students and the second is a special venture fund of one of the largest venture capital firms in city.
Wayne State University's School of Business recently received a $100,000 gift from Fifth Third Bank to open a student-managed investment fund. The fund will give the students access to a pool of money, giving them direct experience in stock portfolio management. The program mimics the structure of an asset management team, similar to those at Fidelity or Vanguard.
"We hope to raise more money for it," says Bob Forsythe, dean of the School of Business at Wayne State University
The class that manages the fund will start in January. Forsythe hopes to expand the fund’s size to seven figures within the next few years through donations and returns on investments.
, the venture capital firm co-founded by Bill Ford focused on next-generation mobility, is launching a Special Venture Partner program. There are five new members of the downtown Detroit-based VC's special venture partner program who will work to support Fontinalis' portfolio companies' efforts to reach new markets and advise their leadership teams.
Source: Bob Forsythe, dean of the School of Business at Wayne State University
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.