First West Australian team to attract unique listed investment company funds
One of Australia’s Top 30 Corporate Philanthropists, Hearts and Minds Investments Limited (ASX: HM1) has made its first donation in Western Australia, funding the work of Associate Professor Gina Ravenscroft’s laboratory at the Harry Perkins Institute of Medical Research (the Perkins).
The donation, which is recurring, will support the Rare Disease Genetics Group at the Perkins in its work investigating treatments for debilitating muscle weakening diseases.
“This steady funding source represents stability for our genetics team and provides us the ability to progress research into treatments for genetic muscle diseases,” Associate Professor Ravenscroft said.
The funding from Hearts and Minds Investments will mostly support the work of Dr Rhonda Taylor at the Perkins, who is developing new treatments for early onset neuromuscular disorders, particularly the severe and debilitating genetic disease caused by mutations in the skeletal muscle actin gene (ACTA1) which usually results in death before the age of one.
“ACTA1 mutations cause profound muscle weakness often from birth. For the patients and their families, the disease can be devastating. Currently there is no cure,” Dr Taylor said.
The Rare Diseases Group at the Perkins was nominated as a beneficiary by HM1 Core Fund Manager Magellan Asset Management.
Magellan is a specialist funds management business established in 2006 and based in Sydney. It manages approximately A$39 billion of funds under management as at 31 August 2023 across its global equities, global listed infrastructure and Australian equities strategies for retail, high net worth and institutional investors.
As a HM1 Core Fund Manager, Magellan waives its usual investment management fee, provides top three investment ideas for inclusion in the HM1 portfolio and nominates beneficiaries to receive a portion of HM1’s donation to medical research institutes. The Perkins Rare Diseases and Genetics Group is listed as one of three beneficiaries nominated by Magellan.
HM1 is a unique listed investment company that provides a concentrated equities portfolio from leading fund managers and supports Australian medical research institutes.
“The research conducted on neurogenetics by Professor Gina Ravenscroft and her team in Western Australia is world class. HM1 is excited to be supporting ongoing research in this area to provide better treatments and quality of life to children impacted by these terrible diseases,” Paul Rayson, the Chief Executive Officer of Hearts and Minds Investments said.
Typical investment fees are waived and instead HM1 makes a sizeable donation to a range of medical research organisations creating a growing and sustainable funding model for Australian medical research.
To date, HM1 has donated A$43.9 million to medical research since its inception in November 2018. This is the first donation to a West Australian organisation.
Image: Gomori trichrome staining of skeletal muscle from a mouse with a congenital myopathy. The dark blue and purple regions show abnormal accumulations of proteins.