Fund manager and philanthropist Geoff Wilson today announced the launch of listed investment company (LIC) Future Generation Global Investment Company Limited (FGG), which will operate under a dual mandate to create shareholder wealth and make a sustainable social impact.
FGG will be the first internationally focused LIC to provide shareholders with diversified exposure to selected global fund managers while changing the lives of young Australians affected by mental illness.
Mr Wilson has secured the generous support of prominent global fund managers to replicate the concept he successfully introduced to Australia with the Future Generation Investment Company (FGX) last year.
Like FGX, FGG will charge shareholders 0.0% management fees and 0.0% performance fees as the participating fund managers will manage the capital on a pro bono basis.
This arrangement allows the company to donate 1.0% of net tangible assets each year to selected Australian non-profits.
FGG is seeking to raise up to $550 million for the fund, the largest float for an Australian LIC. If reached, the company would be on track to make an annual donation of approximately $5.5 million.
“This is a perpetual gift from fund managers and shareholders to young Australians suffering through mental illness,” Mr Wilson said.
“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.”
FGG will benefit from a highly experienced board that will act pro bono and chaired by prominent Australian business leader and University of Sydney Chancellor Belinda Hutchinson AM.
Ms Hutchinson will be joined by FGG directors Frank Casarotti, general manager of distribution at Magellan Asset Management, Sue Cato, principal of business advisory firm Cato Counsel, Karen Penrose director of Federation Centres Limited, Spark Infrastructure and Landcom, Sarah Morgan, Director of independent corporate advisory firm Grant Samuel and non executive director of Adslot and Hansen Technologies Limited and Geoff Wilson, Chairman of Wilson Asset Management.
“This is a wonderful opportunity for Australian shareholders and the business community to transform youth mental health by driving philanthropic investment in three core areas: helping the community understand the issue, investing in the most effective programs and services, and enabling investment in research and development,” Ms Hutchinson said.
Recently departed CEO of Philanthropy Australia, Louise Walsh and ex-CEO of PM Capital, Chris Donohoe, will act as Joint CEOs taking responsibility for philanthropy and capital raising.
Ms Walsh and Mr Donohoe expressed excitement about the upcoming IPO.
“FGG’s unique structure promotes charitable giving as well as wealth creation, and we hope this initiative will inspire the next generation of Australian private and corporate philanthropy. We hope FGG will be the biggest funder in the youth mental health space outside government,” Ms Walsh said.
“This exciting new investment opportunity will satisfy Australian’s growing appetite for global exposure while making a significant contribution to our future generations,” Mr Donohoe said.
SOURCE: Future Generation Global Investment Company
