Fund manager launches philanthropic company
Wilson Asset Management chairman, and philanthropist, Geoff Wilson, has announced he will launch listed investment company, Future Generation Global Investment Company, which will run under a dual mandate to generate shareholder wealth and help those affected by mental illness.
The model will imitate the concept he introduced last year through the Future Generation Investment Company (FGX).
Like FGX, FGG will charge shareholders no management or performance fees, with fund managers managing capital on a pro bono basis.
This would mean the company can donate one per cent of net tangible assets every year to selected Australian non-profit organisations.
FGG is looking to raise up to $550 million for the fund, which is the biggest float for an Australian LIC. This would enable the company to donate about $5.5 million a year.
FGX raised $200 million as at September 2014.
FGG will be chaired by business leader and University of Sydney Chancellor, Belinda Hutchinson, while former Philanthropy Australia chief executive, Louise Walsh, and former PM Capital chief executive, Chris Donohoe, will be joint chief executives, looking after philanthropy and capital raising.
FGG directors include general manager of distribution at Magellan Asset Management, Frank Casarotti, principal of business advisory firm Cato Counsel, Sue Cato, director of independent corporate advisory firm Grant Samuel and non-executive director of Adslot and Hansen Technologies, Sarah Morgan, among others.
"As well as making a social impact, investors have the opportunity to gain unprecedented access to Australia's most prominent global fund managers — a number of whom are not accessible to retail investors," Wilson said.
AUTHOR
Malavika Santhebennur
Recommended for you
Australian fund managers are actively seeking to launch Cayman versions of their funds to attract offshore flows, with Regal Partners set to launch its latest offering this month.
As private markets gain traction in Australia but only a limited pool of talent is available, three recruiters explore whether fund managers should consider looking overseas to find top talent.
With an explosion of private credit managers appearing in the market, two alternatives experts believe a consolidation is needed to maintain the quality of the sector.
Bentham Asset Management has become the latest fund manager to expand its distribution team as it reports increased interest in its credit strategies.
