Australian Family Office Sets Up Dedicated Philanthropy Arm

Vanessa Doctor Asia Correspondent 1 November 2013


EWM Group, the Australian multi-family office, has set up a new philanthropic division to meet the giving needs of its expanding high net worth clientele.

The new unit, to be led by Genevieve Fraser, is poised for a "historic transfer of wealth" to the next generation of Australians amounting to over A$70 billion ($66.5 billion). Fraser brings 20 years of public affairs and community investment experience in the UK and Australia to the role.

"As the pool of inherited wealth increases, families are taking advantage of tax incentives to set aside larger amounts for philanthropic giving during their lifetime -- referred to as 'living giving'," said Brad Scott, managing director, in a statement.

The firm said that the "giving gene" is something the new generation inherited from their philanthropic parents. The trend is growing particularly among the 20 to 40-year-olds who are giving significant resources to the causes they care about. 

According to the Australian Taxation Office, the last ten years have seen an increase in the number of philanthropic structures that encourage greater levels of giving. At present, there are over 1,000 private ancillary funds with a combined worth of A$3 billion and annual distributions to charities of more than A$200 million. A PAF is one of the three primary legal structures available for a charitable family foundation, the other two being a sub-fund within an existing public ancillary fund and a testamentary charitable trust. 

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