Environmental social and governance, two of the three ESG factors, are pretty fundamental to diversity and inclusion. I mean, we know, in the work that our research-- equity analysts, credit analysts-- do in analyzing companies and their governance practices and their management practices, that these things have really material outcome in the performance of businesses.

And so while we want to perform well and do good, I think this is pretty fundamental to producing outperformance for our clients is identifying the best practices around how you help businesses impact the society and the communities that they operate in. Because those companies that do a good job with their communities are going to be ultimately, we think, businesses that will do well.

And there's no doubt from a governance standpoint, that more diverse organizations, with more diverse boards and management teams, for all of the reasons that we've talked about here, have-- so we are-- our teams are developing common ways that grew out of our emerging market equity teams, where they've been looking at ESG factors for a long, long time.

We've taken that is the best practice, in terms of how you analyze a company, and best practices. And we're applying it to what we do in developed markets around the world, and to-- and credit markets as well. And we have to be experts.

And this is one of the things about being an active manager is around active engagement. Not only do we want to analyze companies and who is doing well and positioned well, but we also want to help as a long term shareholder, push companies in the right direction. We had our global bond opportunities portfolio manager on this morning. And he was emphasizing for our sustainable global bond opportunity strategy, it's about doing well and about doing good, encouraging companies to promote practices we think that [INAUDIBLE] the best returns for our clients.

So there's a couple of things we've done I was really proud of. One is with Ariel Investments, Project Black, where we've committed $200 million to invest in middle market companies, supporting minority businesses. Huge credit to Mary and working with Mellody Hobson and others to make this real. And we're in the process of analyzing and doing due diligence on a series of investments and the first fundraise.

Really exciting. And I'm hoping we can expand that and actually ask our clients to join us in inputting capital in place to-- kind of that theme of doing well and doing good at the same time. We also have a grassroots effort that really came up from senior women in the asset management organization, about funding and seeding emerging diverse managers.

It's called Project Spark. And we very quickly went through the first round of seed capital. And there is so much enthusiasm, where we're working with the investment bank to join us in that. And I just think that's a great way of us identifying talent, and funding talents outside of the JPMorgan walls.

And the other one which we're really excited about is called the Empower Share Class. We're a big player in the institutional money fund business. We've created a share class that by-- that is offered by diverse financial institutions. And we share part of the revenues of the share class to support philanthropic opportunities with diverse and minority communities.

And some of the biggest corporations and institutions in the United States have committed significant amount of money to the share class, to one, get a good yield, and then also to have an opportunity to make a difference in diversity and inclusion.

So these are just three small steps that I think are important. And we're looking for other ways to do that. And I'd love to get ideas from our big institutional clients, of how we can partner up on some of these great opportunities.