The Future Generation Investment Company has appointed four directors to its board, including investment banker Scott Malcolm and high-profile fund manager David Paradice, as it ramps up its philanthropic activities.
The brainchild of listed investment company veteran Geoff Wilson, Future Generation Investment has appointed Mr Paradice, Mr Malcolm, Victor Smorgon Group finance boss David Leeton and Wilson Asset Management chief executive Kate Thorley to its board as non-executive directors.
Mr Malcolm is the founder of advisory group Greenstone Partners. He was previously a director of Credit Suisse’s investment banking department in Sydney.
Mr Paradice is a specialist in small cap companies, and heads up Paradice Investment Management, which manages more than $9.5 billion.
“To me, all the people have all been involved in growing and creating businesses, and, effectively, what we’re trying to do at Future Generation is to create a new business that not only gives shareholders good return but gives back to communities,” Future Generation founder and director Mr Wilson said.
The four directors will start their terms on April 13 at the LIC, which is Australia’s first listed company aimed at donating money to charities.
Mr Wilson said in February that the LIC was on track to fork out $1.6 million to children’s charities.
FGX will donate 1 per cent of its net assets each year to Australian charities focused on supporting children at risk.
Mr Wilson recruited high-profile investment experts including Mark East of Bennelong Funds Management, Mr Paradice and LHC Capital’s Steve Aboud – the man associated with managing the Lowy family’s assets – to lend their expertise pro bono to the company.
Bennelong, Paradice Investment, LHC Capital, Eley Griffiths Group and Lanyon Asset Management are among the houses which have teamed up for the effort.
In its latest quarterly review, research house Independent Investment Research rated FGX as “highly recommended” for investors.
The company listed on the Australian Securities Exchange in September, after raising $200 million from investors.
