AU
Would you give your fee to charity?
18 August 2008
Would you forsake your hard-earned management fee and give it away free to a charity?
That’s just what’s happening at new managed fund Third Link Growth Fund, where almost all of its 1.4% fee will be given to non-profit organisation Social Ventures Australia (SVA).
Third Link’s Chris Cuffe, a former financial chief executive turned charity worker for SVA, has also persuaded 17 fund managers, including Perennial Investment Partners, Paradice Investment Management and Colonial First State, to forgo their fees.
Cuffe, who is reported to have earned AU$33m before leaving Challenger Financial Services Group, comments: “There is no evidence to suggest an increase in prosperity leads to an increase in happiness.” (The Australian)
Is Cuffe right to give away his cash? Will the good PR attract investors? And would you be happy to hand over your fee to a charity? Get generous below.
If he's convinced these mainstream investors then he obviously has the personality and business model to make this new fund work, regardless of the fees involved.
TK 19 Aug 2008
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