- New funding brings Morgan Stanley (NYSE:MS)'s total commitment to $50 million since the launch of its Alliance for Children's Mental Health in 2020
- The American Academy of Pediatrics and Sesame Workshop join Alliance to help expand programming to early childhood care and workforce development
NEW YORK--(BUSINESS WIRE)--Morgan Stanley today announced a $20 million commitment over the next five years to its Alliance for Children's Mental Health (Alliance), bringing the initiative's total funding to $50 million since its launch in 2020. The Alliance will strengthen its work delivering programming and research, advancing transformative solutions through the Innovation Awards, and driving more impact for kids of all ages.
To expand its reach to early childhood care and workforce development for pediatrics, the Alliance has added two new members to the existing roster of distinguished nonprofits:
- The American Academy of Pediatrics, which represents 67,000 pediatricians and pediatric specialists in the U.S., will strengthen the preparedness of pediatricians to address the immediate mental health needs of children, specifically targeting medically underserved communities. A new Pediatric Mental Health Education Center will equip pediatricians with the knowledge, tools and collaborations critically needed to bring mental health support into their practices and communities.
- Sesame Workshop, the global impact nonprofit behind Sesame Street, will expand its organization-wide early childhood mental health initiative to focus on early detection and prevention and helping young children and their circle of care in marginalized communities across the U.S. address issues as early as possible. Sesame Workshop will partner with key early childhood networks, including Head Start programs, and family, friend and neighbor (FFN) care providers to increase support for children's emotional well-being and communicate ways to identify and manage signs of emotional distress.
Morgan Stanley's focus on children's health is a core part of the Firm's commitment to give back to our communities, said Ted Pick, Chief Executive Officer of Morgan Stanley and Chair of the Morgan Stanley Alliance for Children's Mental Health Advisory Board. Today, we are strengthening our commitment and growing the Alliance for Children's Mental Health by welcoming two outstanding members - the American Academy of Pediatrics and Sesame Workshop - to join us in effecting much-needed change.
Pediatricians are often the first and sometimes the only medical professional to see an adolescent or even younger children with mental health conditions, said Mark Del Monte, Chief Executive Officer and Executive Vice President of the American Academy of Pediatrics. As trusted care providers, pediatricians can best serve the needs of their patients and families when they are equipped with essential education and resources. This Alliance, which is providing vital resources, is working to ensure that every child has access to mental health care.
The growing mental health crisis is top of mind for many, yet its impact on young children is too often overlooked, said Sherrie Westin, President and Interim CEO, Sesame Workshop. We know developing a healthy mind, body and heart, starts from day one, and the presence of supportive, caring adults in children's lives makes a world of difference in their emotional well-being and ability to thrive.
To date, the Alliance has:
- Benefited more than 37 million children, caregivers and educators globally;
- Granted $1.5 million to 15 early-stage nonprofits to scale their transformative mental healthcare solutions across the U.S. as part of its Innovation Awards program;
- Run an education and capacity-building program supporting over 85 nonprofits; and
- Driven research and convenings on the pandemic's impact, problematic internet usage, the metaverse and digital parenting, among other topics.
While there is growing awareness around youth mental health, further advocacy and philanthropic funding are vital as we look to improve early identification and intervention, access and equity in mental health care, said Joan Steinberg, President of the Morgan Stanley Foundation and CEO of the Alliance Advisory Board. The mental health crisis is too big for anyone to tackle alone. We hope our announcement today will encourage others to help reduce the significant funding gap in this space and advocate for the mental well-being of countless children and youth.
Current members of the Alliance include the Child Mind Institute, Columbia University Department of Psychiatry, The Jed Foundation (JED), Mind HK, New York-Presbyterian Morgan Stanley Children's Hospital, Place2Be, and The Steve Fund.
For more information about the Morgan Stanley Alliance for Children's Mental Health, please visit here.
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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.
About Morgan Stanley Alliance for Children's Mental Health
Launched in 2020, the Morgan Stanley Alliance for Children's Mental Health brings together key leaders in the children's mental health space and combines the resources and reach of Morgan Stanley and its Foundation with the knowledge and experience of its distinguished nonprofit member organizations. The Alliance helps strategically address children's mental health concerns and the far-reaching challenges of stress, anxiety, and depression. For more information about the Alliance, visit www.morganstanley.com/mentalhealthalliance.
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Carrie Hall, carrie.hall@morganstanley.com
Source: Morgan Stanley