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The Probabilities are High

Laurie Reinhardt-Plotnik, Ph.D., Chief Advancement Officer

What do a team of data scientists, financial analysts, and risk management experts have in common with this week’s College Advising Corps (CAC) Adviser Summit?

The answer lies with the concepts of “assets” and “probabilities.”

A team from State Street Associates—a Cambridge, MA-based hub for quantitative research, fintech and academic partnerships that powers State Street’s capital markets arm, including its foreign exchange, equities and securities lending businesses—first became aware of CAC through the firm’s pioneering efforts to advance college success and career readiness for students in Boston Public High Schools. Through a $20M venture philanthropy initiative called the Boston Workforce Investment Network (Boston WINS), State Street convened a network of public and private partners, including CAC and its program partner Boston University, to improve postsecondary achievement and workforce preparedness of Boston Public High School students. From 2015-18, this initiative improved the lives of over 100,000 high school seniors and created a college-going culture throughout the Boston Public Schools. Through the ongoing philanthropy of State Street Foundation, this work continues to evolve and bring impact.

During this period, the research team at State Street Associates pursued innovative research and authored Asset Allocation: From Theory to Practice and Beyond (2021). More recently, they published a provocative reassessment of classical statistics and predictability through the lens of relevance, Prediction Revisited: The Importance of Observation (2022).

Motivated by a desire to give back, and to support more equitable access to higher education, the authors of both books have collectively chosen to contribute their book royalties to CAC. They are especially gratified that their contributions will help to underwrite this year’s professional development convening known as Adviser Summit.

“Young people are our greatest assets. Helping them to access the education and job training they need to realize their potential and improve their communities is so important,” reflects William Kinlaw, Senior Managing Director and Head of Research at State Street Global Markets, who is an author on the first book. “There’s no question that higher education offers higher probabilities of success in life. It’s exciting to be able to support CAC’s advisers and, through them, ensure that hundreds of thousands of talented students in our nation’s underserved schools can have a better future.”

“I have long believed that supporting those who otherwise might not have access to higher education is the one of the best uses of philanthropy, both for the student and society at large,” added Mark Kritzman, Senior Partner at State Street Associates and Senior Lecturer in Finance at the MIT Sloan School of Management. David Turkington, Senior Managing Director and Head of State Street Associates, agreed. “Expanding access to education is powerful both for the opportunities it provides to individuals, and for way it promotes future innovation through new ideas, perspectives, and shared connections.” Megan Czasonis, Manager Director for State Street Associates’ Portfolio Management Research team, added, “We’re delighted to support CAC and its investment in our future leaders.”

As a hub for academic partnerships focused on data science, market research, and investment strategy, State Street Global Markets has its eye on the future. The author team included Kinlaw, Kritzman, and Turkington on the asset allocation book. For the prediction book, Kritzman and Turkington teamed up with Megan Czasonis. The four authors are confident that increasing educational opportunity for young people is a wise investment strategy.

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Laurie Reinhardt, Ph.D., M.B.A., Chief Advancement Officer, is responsible for developing relationships with foundations and government agencies and growing College Advising Corps’ base of institutional support. With the larger CAC team, she ensures that funders understand the transformational impact that access to higher education and quality mentorship have on thousands of young lives each year.