A dozen high-profile female portfolio managers have joined forces on Future Generation Women, a new fund open to Australian wholesale investors.
The fund will invest in both Australian and global equities, focusing on companies with a strong track record of gender-diverse leadership, equitable pay, and policies that support work/life balance and the advancement of women.
Notably, Future Generation Women will not charge any management or performance fees and will donate 1 per cent of all assets annually to non-profits supporting women’s economic prosperity and equality.
The fund aims to drive change by progressively bringing a gender-lens into investment decisions at a portfolio level, to further demonstrate how gender-conscious action benefits financial outcomes, as well as business and society.
It marks the third offering from Future Generation group alongside the listed investment companies Future Generation Australia (ASX: FGX) and Future Generation Global (ASX: FGG), which manage more than $1 billion under management.
Marking a first in Australia, the fund features an all-female 12-person portfolio management team, hand-picked by an investment committee.
The Australian equity team includes Emma Fisher from Airlie Funds Management, Catherine Allfrey from WaveStone Capital, Katie Hudson from Yarra Capital Management, Jun Bei Liu from Tribeca Investment Partners, Julia Weng from Paradice Investment Management, and Dawn Kanelleas from First Sentier Investors.
Meanwhile, the fund’s global equities allocation will be managed by Nikki Thomas from Magellan, Fleur Wright from Northcape Capital, Qiao Ma from Munro, Armina Rosenberg from Minotaur, Vihari Ross from Antipodes Partners, and Chanel Stuart-Findlay from Plato Investment Management.
Earlier this month, the Financial Services Council’s 2024 Women in Investment Management Survey found women make up less than a third (27 per cent) of investment teams in Australia.
Prior to this, research from Future IM/Pact also suggested the proportion of female portfolio managers has dipped over the last seven years, declining from 23 per cent in 2017 to 19 per cent in 2024. Some 63 per cent of all appointments and 67 per cent of promotions are men, it noted.
“By investing in leading women fund managers, our capital will drive investment returns, help address barriers to women participating in the funds management industry and highlight the capability within the sector,” explained Elana Rubin AM, who serves as an advisory member of the Future Generation Women.
“The expertise of our all-women investment team is at the core of our mission: to prove that when women are in charge of their financial destiny, we all rise together.”
The fund has received an initial commitment of $100 million from Minderoo Foundation and will be open to Australian wholesale investors with a minimum investment of $250,000.
Nicola Forrest AO, founder of Minderoo Foundation, noted the fund is an “important and welcomed spotlight” on women and their potential in Australia, particularly in the funds management space.
“Every year, gender inequality continues to cost Australia $128 billion. To truly shift the dial and overcome the outdated norms that hold our entire country back, we need changemakers that are ready to speak up, act and embrace collaboration,” she said.
“This is why we’re proud to be standing alongside Future Generation as it champions investment in women.”
All major service providers to Future Generation Women, including Citigroup, Equity Trustees and Boardroom, have also waived their usual fees.
