The first Investing for Success program to promote saving among African-Americans has been set for Sep. 26 in Philadelphia, the Investment Company Institute of Washington and the National Urban League of New York announced.

William Reynolds, a principal of the Vanguard Group of Malvern, Pa. will be the presenter, and the Urban League of Philadelphia will co-sponsor the event.

The two groups announced Investing for Success at the ICI general membership meeting in Washington in May. (MFMN 5/29/00) Other seminars will be held this fall in Boston, Houston, Los Angeles, New York and Washington.

"The mutual fund industry hopes that these workshops will provide African-Americans with useful information about long-term investing and sound investing principles," said Julie Domenick, ICI executive vice president, in a statement.

Survey results from 605 African-Americans and 607 Caucasians earning $50,000 or more conducted by Ariel Capital Management of Chicago and Charles Schwab & Co. of San Francisco in February revealed that even financially-secure African-Americans are less likely than Caucasians to invest in mutual funds, stocks or bonds.

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