With a 121-year legacy and $1.2 billion in funds under management, Perpetual manages Australia’s oldest and largest charitable trust book.
An investment of $6.7 million in 1970 by Vera Ramaciotti using the proceeds of the sale of Sydney’s Theatre Royal has grown to $65 million under the investment and funds management company’s supervision.
The Ramaciotti Foundations have also distributed charitable grants to biomedical research totalling more than $43 million since 1970.
“Private philanthropy represents a renewable source of funding, minus many of the constraints applied by other funding bodies,” Perpetual head of philanthropy David Knowles said.
Two leading Australian research institutes are in the final running to receive the annual $1 million Ramaciotti Foundation Research Award, one of Australia’s largest private research grants.
The finalists are the John Curtin School of Medical Research and the Murdoch Childrens Research Institute.
In total, over $2.3 million dollars will be awarded at the 2007 Ramaciotti Awards on November 1 in Melbourne.
Of the $5.7 billion made in charitable donations given in Australia, only $200 million comes from planned giving, research by Perpetual found.
“What we want to do is encourage people to give in a more sustained way,” Perpetual managing director and chief executive officer David Deverall said.
Philanthropy is another dimension in which a financial adviser can work with a client, Perpetual Private Clients head Scott Riedel said.
“It’s now what I call the living, giving era. Clients are looking for investment returns as they are social returns,” told InvestorDaily.
