Wayne State, Fontinalis Partners launch investment programs
A pair of new, but different, investment vehicles is 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 the 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," said Bob Forsythe, dean of the Wayne State University School of Business. 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.