New LICs offer philanthropy and income
Specialist fund manager, Contango MicroCap Limited will launch a listed investment company (LIC) focused on generating income while Wilson Asset Management chairman, and philanthropist, Geoff Wilson has also announced the launch of an LIC that will donate part of its returns to non-profit organisations.
The Contango offering — the Contango Income Generator Limited (CIE) — will invest in shares outside the ASX 30 and would seek to raise $100 million with a further $20 million allowed for oversubscriptions.
Contango would be applying for $30 million of securities in CIE with the prospectus for the offer to be lodged with the Australian Securities and Investments Commission around 29th June.
The LIC will joined by that of Wilson who plans to launch the Future Generation Global Investment Company (FGG) which will run under a dual mandate to generate shareholder wealth and help those affected by mental illness.
Fund managers involved with FGG would provide services on a pro bono basis with the FGG able to donate one per cent of net tangible assets every year to selected Australian non-profit organisations.
The float for the FGG LIC would also be the largest of its kind in the Australian market at $550 million and would enable the LIC to donate about $5.5 million a year.
The LIC has attracted a number of financial services specialists and experts with University of Sydney Chancellor, Belinda Hutchinson chairing the fund with former Philanthropy Australia chief executive, Louise Walsh and former PM Capital chief executive, Chris Donohoe, as 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.
Recommended for you
Bell Financial Group has appointed a chief investment officer who joins the firm from Clime Investment Management.
Private markets funds with “unattractive practices” could find themselves facing enforcement activity with ASIC chair Joe Longo stating he cannot rule it out in the future.
Despite ASIC concerns about private credit funds being accessed via the advised channel, there are questions regarding how high its usage actually is among financial advisers.
Challenger has looked to the superannuation industry for its appointment of a group chief investment officer, a newly-created role.
