What if investment fees could fund real social change? Future Generation Women is backing top managers while tackling inequality.
This interview was filmed Tuesday 3rd March, 2026.
There is a tension that persists between investing and social impact. Many investors want to put their money into good, but the challenge becomes a quagmire of conflicting interests once you begin to look at the metrics used to assess what that is. As they say, no good deed goes unpunished.
For International Women’s Day, we are shining a light on Future Generation Women, a fund that addresses that conflict using a different approach. Firstly, by addressing the pipeline issue of visibility of women working in senior funds management roles and secondly, by delivering critical funding to powerful incentives that address the financial and economic inequality marginalised and disadvantaged women face.
I spoke to Bonnie Ashton, the General Manager of the Future Generation team, about Future Generation Women and its unique dual model. The fund is managed by top-tier women portfolio managers who donate their time pro bono, waiving all management and performance fees so Future Generation Women can donate 1.0% of its average monthly net assets to non-profit organisations that support economic equality for Australian women and their children.
Watch the video or read the highlights below.
The pipeline problem
Ashton points to a number of structural issues that have compounded over time, underpinning the pipeline problem of women in senior roles in funds management.
“Talent has been selected from a very small pool, and often women have been overlooked… There haven’t been structural pathways in place to support women’s progression up to the senior echelons of the industry, so you lose a lot of talent around the middle tier.”
On average, an Australian woman earns $1 million less than an Australian man across her career. If patterns continue, a 25-year-old woman today, who has at least one child, will earn $2 million less over her lifetime than a 25-year-old man who becomes a father.
Based on the current trend, the gender pay gap won’t be closed for 136 years – more than five generations. Currently, women in Australia earn $255 less than men each week.
For women working in finance, the gender pay gap exceeds 20%, and the rates of women in leadership positions lags other industries.
This has resulted in underrepresentation at senior levels, and part of the fund’s focus is increasing visibility for women wherever it can.
Delivering measurable social impact
Last year, Future Generation, which comprises Future Generation Australia (ASX: FGX), Future Generation Global (ASX: FGG) and Future Generation Women hit $100 million in donations, a milestone Ashton says “proves investment can be used for good.”
Ashton points out that the fund is a model by women, for women.
“All fund managers managing the portfolios have forgone their management fee, and that money is instead funnelled to their social impact partners who focus on addressing the financial and economic inequality women face.”
Last year, the fund targeted funding partners focused on supporting marginalised women in their transition to work. One of the organisations that received FGW funding was Ember Connect, an organisation which Ashton says is “incredibly powerful in its simplicity and effectiveness.”
Ember Connect focuses on connecting Aboriginal and Torres Strait Islander women. It’s been described as a hybrid between Facebook and LinkedIn, providing mentoring opportunities and a way to connect with women from their community, while also offering tangible pathways to employment.
Another partner is the Prison Network, which connects women with housing and essential services after they have been institutionalised, supporting their transition to meaningful employment.
“When you look at how powerful these organisations can be in breaking generational cycles of poverty and providing stable employment, it allows women to support themselves and their children and be productive members of the community,” Ashton says. “That is incredibly powerful.”
Looking ahead
Ashton says the focus on galvanising stakeholders has been instrumental in bringing Future Generation Women to life, pointing to the $1 million in community donations as a key achievement.
“It cannot be overstated how impactful these programs are for women, their children, and their communities.”
Looking ahead, the fund plans to continue building FUM and getting more visibility for its female fund managers.
“If you look at Arms Rosenberg from Minotaur, she’s returned over 20% for our Future Generation Women portfolio. Vihari Ross from Antipodes has also delivered similar results.
These are just two examples of women whose names should be up in lights. Everyone should know them, and we are so proud to have them in our Future Generation portfolio.”
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