Welcome to the Fear and Greed Business Interview. I'm Sean Almam. Female investment managers consistently out for men, yet only nineteen percent of portfolio managers in Australia are women. Now, a new female led fund is aiming to challenge inequality by bringing a gender lens into investment decisions. Kickstarted with a one hundred million dollar commitment from Andrew and Nikola forres Mindarou Foundation, Future Generation Women will be entirely run by female portfolio managers. It's an unlisted trust in the Future Generation Group, which we've spoken about before, an ASX listed fund manager that gives investors access to leading Australian and global portfolio managers while also raising millions of dollars for charity. It was founded by Wilson Asset Management's Jeff Wilson back in twenty fourteen as a way for the funds management and finance sector to make a difference. Caroline Gurney is the chief executive officer of Future Generation. Caroline, Welcome to Fearing Greed.

Welcome to the Fear and Greed Business Interview. I'm Sean Almam. Female investment managers consistently out for men, yet only nineteen percent of portfolio managers in Australia are women. Now, a new female led fund is aiming to challenge inequality by bringing a gender lens into investment decisions. Kickstarted with a one hundred million dollar commitment from Andrew and Nikola forres Mindarou Foundation, Future Generation Women will be entirely run by female portfolio managers. It's an unlisted trust in the Future Generation Group, which we've spoken about before, an ASX listed fund manager that gives investors access to leading Australian and global portfolio managers while also raising millions of dollars for charity. It was founded by Wilson Asset Management's Jeff Wilson back in twenty fourteen as a way for the funds management and finance sector to make a difference. Caroline Gurney is the chief executive officer of Future Generation. Caroline, Welcome to Fearing Greed.

Thanks so much, Tomitchaviger.

Thanks so much, Tomitchaviger.

This is about Future Generation women. But firstly, just give us the thumbnail pitch on how Future Gen works.

This is about Future Generation women. But firstly, just give us the thumbnail pitch on how Future Gen works.

Oh, that's a really good question because obviously we've used that model for Future Generation women. So originally Future Generation was dreamed up by Jeff Wilson his obviously the CIO and founder of Wilson Essett Management. He went to London and he basically read an article talking about how a fund manager have raised a serious amount of money for cancer. So he said, right, we can do this in Australia. So he came back and it's more than ten years ago now and he basically spoke to Deair Paradise, He spoke to Peter Cooper, he spoke to sort of you know, the real the legends of investing now in Australia and said, will you work for free if I raise the money from our shareholders and will you not charge us any management please? Or before Ormond spees, so we can give one percent of our total net assets to not for profits in Australia and they all said yes. And so you know, that's ten years ago when we first launched Future Generation Australia and then here later Future Generation Global is launched. So we have over a billion under management, we have fifteen thousand shareholders and we've given nearly ninety million to not for profits.

Oh, that's a really good question because obviously we've used that model for Future Generation women. So originally Future Generation was dreamed up by Jeff Wilson his obviously the CIO and founder of Wilson Essett Management. He went to London and he basically read an article talking about how a fund manager have raised a serious amount of money for cancer. So he said, right, we can do this in Australia. So he came back and it's more than ten years ago now and he basically spoke to Deair Paradise, He spoke to Peter Cooper, he spoke to sort of you know, the real the legends of investing now in Australia and said, will you work for free if I raise the money from our shareholders and will you not charge us any management please? Or before Ormond spees, so we can give one percent of our total net assets to not for profits in Australia and they all said yes. And so you know, that's ten years ago when we first launched Future Generation Australia and then here later Future Generation Global is launched. So we have over a billion under management, we have fifteen thousand shareholders and we've given nearly ninety million to not for profits.

Okay, so these are investors giving the money via the Future Gen to David Parrice for fragment's sake, he hasn't started a new fund. He's just including that money as part of his absolute fund and it's warehoused and therefore then he's not charging management fees on. That money goes to charity, which is a fantastic, fantastic way of working. Ninety million dollars over ten years. Future Gen Women, what's that about?

Okay, so these are investors giving the money via the Future Gen to David Parrice for fragment's sake, he hasn't started a new fund. He's just including that money as part of his absolute fund and it's warehoused and therefore then he's not charging management fees on. That money goes to charity, which is a fantastic, fantastic way of working. Ninety million dollars over ten years. Future Gen Women, what's that about?

Ah?

Ah?

So this this actually is slightly different, but it is very much along the same model. So here we have twelve female for our managers and the.

So this this actually is slightly different, but it is very much along the same model. So here we have twelve female for our managers and the.

Future Generation Women is based.

Future Generation Women is based.

You can invest as a shareholder in Australian Australian equities, all global equities within one wrapp up. And what that then allows us to do is to give one percent again and that's going to be too not for profits that are for women and their children in terms of you know, economic literacy, empowerment, making sure that you know certain coborts so perhaps you know aren't perhaps funded or don't have those opportunities you know can get them. So for example, women and you know over the age of fifty five that are you know, living living in their cars. I mean that sort of you know, a real issue for Australia. In fact, you have a massive homelessness problem for women through no fault.

You can invest as a shareholder in Australian Australian equities, all global equities within one wrapp up. And what that then allows us to do is to give one percent again and that's going to be too not for profits that are for women and their children in terms of you know, economic literacy, empowerment, making sure that you know certain coborts so perhaps you know aren't perhaps funded or don't have those opportunities you know can get them. So for example, women and you know over the age of fifty five that are you know, living living in their cars. I mean that sort of you know, a real issue for Australia. In fact, you have a massive homelessness problem for women through no fault.

Of their own.

Of their own.

But this way we're hoping to help them through various not for profits. And I think the fact that these female filt managers are willing to do exactly the same how you manage shareholder money within their fund and charge no fees is amazing. And we're very lucky as well because we have City Group, we havet equity trustees, and we also have boardroom working pro bono, so you know, we're really hoping to make a big difference there.

But this way we're hoping to help them through various not for profits. And I think the fact that these female filt managers are willing to do exactly the same how you manage shareholder money within their fund and charge no fees is amazing. And we're very lucky as well because we have City Group, we havet equity trustees, and we also have boardroom working pro bono, so you know, we're really hoping to make a big difference there.

And the kick after the fund came from the Mindru Foundation Andrew Nicola Forrest's family foundation one hundred million dollars that they're not giving you cash what they're doing this and giving you one hundred million dollars to invest, and that certainly kicks things along because those fund managers, that the twelve women fund managers have got money to start investing. How much are you hoping to grow this fund too?

And the kick after the fund came from the Mindru Foundation Andrew Nicola Forrest's family foundation one hundred million dollars that they're not giving you cash what they're doing this and giving you one hundred million dollars to invest, and that certainly kicks things along because those fund managers, that the twelve women fund managers have got money to start investing. How much are you hoping to grow this fund too?

I think that's a really important point that you made, Sean for it because it's actually coming from Mindaru Investment Committee, So they're the ones that are actually investing that one hundred million in US. So it has to be an investment first and foremost, and then.

I think that's a really important point that you made, Sean for it because it's actually coming from Mindaru Investment Committee, So they're the ones that are actually investing that one hundred million in US. So it has to be an investment first and foremost, and then.

We will also give you know, the warb sent to non profits.

We will also give you know, the warb sent to non profits.

You know, I would love to get to one hundred and fifty, you know, in the year's time. That would be a really great achievement. And we've had a lot of interest. But you know, let's just wait and see.

You know, I would love to get to one hundred and fifty, you know, in the year's time. That would be a really great achievement. And we've had a lot of interest. But you know, let's just wait and see.

We'll be back in a moment. We're talking to Caroline Gurney see our Future Generation group. So you had twelve women fund managers and you had a launch recently. They were all there. What is it about women that make them better investors?

We'll be back in a moment. We're talking to Caroline Gurney see our Future Generation group. So you had twelve women fund managers and you had a launch recently. They were all there. What is it about women that make them better investors?

Ah, I mean that's a really good question. I mean there's lots of data out there that you know, women fund managers, you know, perform better than men. I mean there's also data out there that you know, men perform better than women. But realistically, we feel that, you know, this is one way to get more women with their finger on the Dorner daughter, as Eleanga Rubin said, she was on our advisory committee because we really want to, you know, help women become bigger investors. Within Australia at the moment, you know, as you said, there's around nineteen percent, and that some figures say that are on eleven percent of female farm managers in Australia. But I think by having this sort of pool of capital, we can really encourage more women to manage money. But also on the other thing that we're trying to do with our investment committee. At the moment, it's some fifty to fifty. We have some amazing women who are CIOs a super funds that are going to be on that investment committee. But we're really hoping to get more women to become supermanent observers, to learn how to actually construct a portfolio, how to manage risk, all of those things that may make everybody better investors, but we want to do it for women.

Ah, I mean that's a really good question. I mean there's lots of data out there that you know, women fund managers, you know, perform better than men. I mean there's also data out there that you know, men perform better than women. But realistically, we feel that, you know, this is one way to get more women with their finger on the Dorner daughter, as Eleanga Rubin said, she was on our advisory committee because we really want to, you know, help women become bigger investors. Within Australia at the moment, you know, as you said, there's around nineteen percent, and that some figures say that are on eleven percent of female farm managers in Australia. But I think by having this sort of pool of capital, we can really encourage more women to manage money. But also on the other thing that we're trying to do with our investment committee. At the moment, it's some fifty to fifty. We have some amazing women who are CIOs a super funds that are going to be on that investment committee. But we're really hoping to get more women to become supermanent observers, to learn how to actually construct a portfolio, how to manage risk, all of those things that may make everybody better investors, but we want to do it for women.

Yeah, I mean, there are kind of quite a few paths to what you just said there. So it's about encouraging women to be fund managers. For one of a better term, it's about providing money to people who need it. But also the whole philanthropic thing about investing in Australia. In the US is such an incredible history of philanthropy. Now we have some great philanthropists here, but what Jeff Wilson has done is kind of a first. We don't have a long history of it.

Yeah, I mean, there are kind of quite a few paths to what you just said there. So it's about encouraging women to be fund managers. For one of a better term, it's about providing money to people who need it. But also the whole philanthropic thing about investing in Australia. In the US is such an incredible history of philanthropy. Now we have some great philanthropists here, but what Jeff Wilson has done is kind of a first. We don't have a long history of it.

Caroline, I would agree with you, but you know, there's some amazing individuals out there who are very philanthropic, and I think with these vehicles, you know everybody, you know, it's an every day philath fists.

Caroline, I would agree with you, but you know, there's some amazing individuals out there who are very philanthropic, and I think with these vehicles, you know everybody, you know, it's an every day philath fists.

Everybody can be a philat fist.

Everybody can be a philat fist.

People need money to live, so you want to do well with your investments, but also if you can give to the community and do good, I mean, that's an amazing model. And I think with these models you can do that. And as you said before, we've given you nearly ninety million to not for profits and we've managed to.

People need money to live, so you want to do well with your investments, but also if you can give to the community and do good, I mean, that's an amazing model. And I think with these models you can do that. And as you said before, we've given you nearly ninety million to not for profits and we've managed to.

Give a really good return to our shareholders.

Give a really good return to our shareholders.

So I think these models can definitely be replicated and I think everybody can get involved. And I think that's a wonderful vehicle to offer.

So I think these models can definitely be replicated and I think everybody can get involved. And I think that's a wonderful vehicle to offer.

So if I was going to put money into the fund that I kind of get how it's invested. I like the model. I like what I want to know is weird? Is it money go to charities as a generic term? How do you work out who gets the money and who has gotten that ninety million dollars.

So if I was going to put money into the fund that I kind of get how it's invested. I like the model. I like what I want to know is weird? Is it money go to charities as a generic term? How do you work out who gets the money and who has gotten that ninety million dollars.

Well, it's actually very long process that we go through. So maybe if I talked to Feature Generation Global, because actually we'll just freed through that whole process. So we put out and expressions of interest because we really wanted to fund youth mental health prevention. As you would probably know, one percent of the government dollar in terms of mental health goes to prevention, the rest goes to intervention and treatment, and so we wanted to make a difference in that area. So when we put in expressions of interest that three years ago to the market, we said, you know, please, you know, write in and we would love to find Matt more about what you do and would like to fund you. And we had a theory of change. We basically had a body of evidence to show that if we invested in certain areas we can make a real difference in prevention and mental health and well being. And so we've now got forteen not for profits we fund and we've actually just measured all of the impact you know, Barry with taking their short term, their medium term and their long term outcomes, and we know we've reached five point three million young people in Australia around their mental health and that's that is an amazing number. And I think we are one of the first to actually measure fourteen not for profits in this way. It's just as you said before, like we measure our fund manager's performance, everybody says, okay, right, we've got one percent above the or lords for FGX, that's fantastic, but what about your social impact? And now we can say what we're doing and we intend to do the same with future generational women. You know, we will go out to market, we will you know, look at what's out there, and then we will select maybe ten not for profits and we will fund them on a three to four year basis of untied funding, which is best for nonprofit practice, and we will measure what they achieve. And that's something I'm really excited about because I think there's so many amazing not for profits in Australia that are doing great work and we will to find out more.

Well, it's actually very long process that we go through. So maybe if I talked to Feature Generation Global, because actually we'll just freed through that whole process. So we put out and expressions of interest because we really wanted to fund youth mental health prevention. As you would probably know, one percent of the government dollar in terms of mental health goes to prevention, the rest goes to intervention and treatment, and so we wanted to make a difference in that area. So when we put in expressions of interest that three years ago to the market, we said, you know, please, you know, write in and we would love to find Matt more about what you do and would like to fund you. And we had a theory of change. We basically had a body of evidence to show that if we invested in certain areas we can make a real difference in prevention and mental health and well being. And so we've now got forteen not for profits we fund and we've actually just measured all of the impact you know, Barry with taking their short term, their medium term and their long term outcomes, and we know we've reached five point three million young people in Australia around their mental health and that's that is an amazing number. And I think we are one of the first to actually measure fourteen not for profits in this way. It's just as you said before, like we measure our fund manager's performance, everybody says, okay, right, we've got one percent above the or lords for FGX, that's fantastic, but what about your social impact? And now we can say what we're doing and we intend to do the same with future generational women. You know, we will go out to market, we will you know, look at what's out there, and then we will select maybe ten not for profits and we will fund them on a three to four year basis of untied funding, which is best for nonprofit practice, and we will measure what they achieve. And that's something I'm really excited about because I think there's so many amazing not for profits in Australia that are doing great work and we will to find out more.

I mean, I think you said five million then, which is set up a number hard to get your head around, but I think I'm sure what you're saying that it's not just the direct recipient. It might be the siblings or the parents, or the carers or the school teachers, people that live around that individual, they also benefit from in this example, intervention in youth mental health, Like it's not just the individual, it's a whole community that can win in this.

I mean, I think you said five million then, which is set up a number hard to get your head around, but I think I'm sure what you're saying that it's not just the direct recipient. It might be the siblings or the parents, or the carers or the school teachers, people that live around that individual, they also benefit from in this example, intervention in youth mental health, Like it's not just the individual, it's a whole community that can win in this.

It definitely can be. And also we don't know with the way we count, whether the same child has gone to three different services. So for example, if you have reached Out, I mean reach Out is sort of the number one of mental health charity that basically has a platform, so you can go to them as many times as you like, but it's it's an easy one to contact. So a lot of young people, especially during COVID and since then, will reach out as the ny because sid winch set like that. But yeah, so we can travel that now and it is really great for us to know and our shareholders, but also for the not for profits themselves to measure their impact to see what they can do better or what they're doing really well. It's measurement is a great thing. It just helps you all the time.

It definitely can be. And also we don't know with the way we count, whether the same child has gone to three different services. So for example, if you have reached Out, I mean reach Out is sort of the number one of mental health charity that basically has a platform, so you can go to them as many times as you like, but it's it's an easy one to contact. So a lot of young people, especially during COVID and since then, will reach out as the ny because sid winch set like that. But yeah, so we can travel that now and it is really great for us to know and our shareholders, but also for the not for profits themselves to measure their impact to see what they can do better or what they're doing really well. It's measurement is a great thing. It just helps you all the time.

Yeah, look, it's a great initiative and goodlie up with it. Caroline, thank you for joining Fear and Greed.

Yeah, look, it's a great initiative and goodlie up with it. Caroline, thank you for joining Fear and Greed.

Thank you so much, lovely to be here.

Thank you so much, lovely to be here.

That's Caroline Gurney, CEO our future generation group. This is the Fear and Greed Business Interview. Remember this is general information only and you should always seek professional advice before making investment decisions. Join us every morning for the full episode our Fear and Greed Daily business years for people who make their own decisions. I'm sure Elma enjoy your day.

That's Caroline Gurney, CEO our future generation group. This is the Fear and Greed Business Interview. Remember this is general information only and you should always seek professional advice before making investment decisions. Join us every morning for the full episode our Fear and Greed Daily business years for people who make their own decisions. I'm sure Elma enjoy your day.