For Immediate Release: May 10, 2023
Opportunity Finance Network
NEW YORK – Morgan Stanley Investment Management (“MSIM”) and Opportunity Finance Network (OFN) today announced the first contribution related to MSIM’s money market funds’ Impact Class shares. The contribution in the amount of $250,000 was made to OFN’s Finance Justice Fund, MSIM’s diversity and inclusion partner for the Impact Class shares.
“We are pleased to join Morgan Stanley Investment Management in this innovative partnership for impact,” said Beth Lipson, interim CEO and chief financial officer of Opportunity Finance Network. “Their support of our Finance Justice Fund will accelerate the work of our member community development financial institutions investing in affordable housing and other anchors of vibrant communities.”
To maximize the impact of MSIM’s contribution, OFN has selected two organizations that advance community development and affordable housing initiatives as grant recipients. These organizations, both certified community development financial institutions, are the Housing Assistance Council and the Midwest Housing Development Fund. The Housing Assistance Council is a national nonprofit that supports affordable housing throughout rural America. The Midwest Housing Development Fund is a regional nonprofit that focuses on lending to developers of affordable housing properties that serve households at or below 60% of area median income.
“We are thrilled with the initial reception the Impact Class Shares has received among investors as well as with the inaugural contribution,” said Fred McMullen, co-head of MSIM’s Global Liquidity Solutions Business. “Diversity, Equity and Inclusion is a core value of Morgan Stanley, and we are pleased to support the Firm’s commitment with this innovative product offering.”
The Impact Classes represent the latest in the series of product structures across the Morgan Stanley Institutional Liquidity Funds money market fund lineup that are designed for socially conscious liquidity investors. MSIM has committed to contribute, from its own resources, at least 0.02% of the net annualized assets under management in the Impact Class shares to support DE&I initiatives.
About Opportunity Finance Network
Opportunity Finance Network is a leading national network of more than 390 community development financial institutions (CDFIs), specialized lenders that provide affordable, responsible financial products and services in low-income rural, urban, and Native communities nationwide. As a trusted intermediary between CDFIs and the public and private sectors, OFN works with its partners – banks, philanthropies, corporations, government agencies – to create economic opportunity for all by strengthening and investing in CDFIs.
Since its founding in 1986 and through 2021, the network has originated $100.4 billion in financing in rural, urban, and Native communities, helping to create or maintain more than 2.6 million jobs, start or expand more than 696,000 businesses and microenterprises, and support the development or rehabilitation of more than 2.3 million housing units and more than 13,600 community facility projects.
Learn more about OFN and its programs at www.ofn.org.
About Morgan Stanley Investment Management
Morgan Stanley Investment Management, together with its investment advisory affiliates, has over 1,300 investment professionals around the world and $1.4 trillion in assets under management or supervision as of March 31, 2023. Morgan Stanley Investment Management strives to provide outstanding long-term investment performance, client service, and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations, and individuals worldwide.
For further information about Morgan Stanley Investment Management, please visit www.morganstanley.com/im.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals.
For further information about Morgan Stanley, please visit www.morganstanley.com.
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