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.