Investment managers from Wilson Asset Management and various other firms have agreed to forgo all management and performance fees for a charity listed investment company (LIC).
A number of other asset management companies including LHC Capital, Optical Fund Management Australia, Paradice Investment Management, Terra Capital and Watermark Funds Management have also agreed to provide their services to the Future Generation Investment Fund on a pro-bono basis, according to the website for the new LIC.
An ASX announcement by Wilson Asset Management said the management and performance fees contributed by these investment managers are expected to account for one per cent of assets per annum, which will be donated to Australian charities with a focus on supporting children at risk.
According to the Future Generation Investment Fund website this will include charities such as Camp quality, Barnados and Variety.
Wilson Asset Management chairman Geoff Wilson said the fund intends to raise money during July and August following the release of a prospectus on 7 July 2014.
“The team at Wilson Asset Management is passionate about making a difference and in keeping with this purpose, intend to support the Future Generation Investment Fund by providing services, such as accounting and marketing services, on a pro bono basis,” said Mr Wilson.
“I will be a director and will not receive a director’s fee.”
Sandon Capital Investments non-executive director Paul Jensen and Sandon Capital founder Gabriel Radzyminski will also be directors.