NEW YORK, November 8, 2010 – BNY Mellon, the global leader in asset management and securities servicing, today announced that it is launching a $6 million global workforce development initiative over five years to assist vulnerable youth making the transition into adulthood. With this investment, BNY Mellon will collaborate with leading public and non-profit agencies in the United States, United Kingdom and Asia, to enhance education, job training and career development opportunities.
In New York, BNY Mellon will provide a total of $250,000 each year over five years to Good Shepherd Services and The Children’s Aid Society’s Next Generation Center, which have targeted and proven programs to assist youth aging out of foster care.
It is estimated that more than 25,000 young people in the U.S. annually move out of foster care when they reach 18, including approximately 1,100 in New York City.
“Youth aging out of foster care face a daunting variety of social, economic and educational challenges while often lacking the skills to navigate the road to adulthood and independence,” said Daisey Holmes, managing director and head of BNY Mellon’s philanthropic efforts in the New York region. “By partnering with Good Shepherd Services and the Children’s Aid Society, we are supporting proven programs that provide individuals with the skills and confidence needed to lead rewarding and productive lives.”
Good Shepherd Services is a leading youth development, education and family service agency that serves over 20,000 program participants a year. BNY Mellon’s commitment will help support the Adolescent Services division of Good Shepherd’s Family Foster Care Program, which specializes in addressing the educational and employment outcomes of youth aging out of foster care, as well as basic life and social skills.
The Children’s Aid Society’s Next Generation Center is a one-stop center designed to meet the needs of young people transitioning to adulthood and self sufficiency, with a special focus on youth in and aging out of foster care. BNY Mellon’s assistance will target youth who are participating in programs, services and activities designed to improve their readiness for educational and employment opportunities and life skills development.
The new initiative is part of BNY Mellon’s five-year “Powering Potential” program, the company’s philanthropic focus on helping people in need by concentrating on basic needs and workforce development. To learn more about BNY Mellon’s commitment to corporate social responsibility, visit www.bnymellon.com/csr.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com.
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