The Wall Street Journal looks at an emerging trend of money-management firms where stock pickers work for without pay and a portion of proceeds go to charity. The article focuses on Future Generation Global Investment, an Australian company founded by fund manager Geoff Wilson, the latest in a group of firms aiming to build a pro bono culture in finance.
Future Generation Global will launch with about $400 million in assets under management and plans to donate 1 percent of net assets annually to groups that help young Australians suffering from depression and other mental illnesses.
"People in the financial industry are perceived as money hungry," said Mr. Wilson, a veteran wealth manager who serves on several nonprofit boards. "This is about giving something back. It's a perpetual gift from the funds-management industry to the charities."