The insurer has created new entry-level asset management positions with the new AMDA program.
Allstate has announced the creation of a new talent pipeline in the asset management industry for the direct purpose of boosting diversity while removing barriers. By working with William Blair Investment Management and LGIM America, the Asset Management Diversity Accelerator (AMDA) was created.
The AMDA is a development program for diverse and under-represented jobseekers.
The AMDA works as a two-year rotational development program, providing recruits with considerable experience within the industry. Simultaneously, it helps those recruits to solidify their professional networks while they earn competitive salary with benefits.
Throughout the two years, the cohort will spend their time working as junior research associates. They will progress through a rotation of each of the three Allstate firms located in Chicago, shifting locations every eight months. As they learn, the participants will also provide their own perspectives on their experience in working directly within the Allstate firms’ buy-side equity, fixed income research teams, and portfolio managers.
Recruiting at Allstate for the AMDA is already taking place, focusing on students nearing graduation.
The recruitment has a primary focus on students who will be graduating in December 2022 or May 2023 from Historically Black Colleges and Universities, said a recent news release from the insurance company. The program is also broadening the pool for applications by placing a spotlight on opportunities with majors that don’t typically work within the asset management industry. Participants will receive notice of their selection in December 2022 so that they will be able to start their employment in June 2023.
“Inclusive diversity and equity have long been core values of Allstate that represent who we are and how we conduct ourselves as employees, leaders, decision-makers, and members of society,” said John Dugenske, CFA, President, Investments and Financial Products, Allstate Investments in the recent news release from the insurer, announcing the program. “Building upon our long-standing relationship with Historically Black Colleges and Universities, the AMDA program will further attract diverse talent to our employment and entrepreneur career opportunities. We are committed to elevating diverse voices in investment roles at Allstate and industry-wide.”