Charitable fund launches on ASX
Hearts and Minds Investments, a new listed investment company (LIC) with a charitable goal to help fund medical research charities, has started trading on the Australian Securities Exchange after closing its $500 million initial public offering ahead of its original closing date.
Chairman, Chris Cuffe, said the fund had a good structure and a high-calibre leadership team, and support for the fund managers was solid.
The fund’s portfolio is aimed at investors seeking exposure to a high-conviction portfolio of global equities, and would be based on the selections and recommendations of its five leading fund managers.
The fund may invest in both Australian and international equities, cash and cash-equivalent securities, and would waive investment fees in favour of a bi-annual donation to charities, which would be equal to 1.5 per cent per annum of the average monthly net tangible assets for the previous half-year.
Recommended for you
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
