Amid growing allegations of fund advisory personnel accepting lavish gifts, parties and even midgets, it's refreshing to see a new entrant to the fund industry promising to donate dollars to charities.
The initial July 18 registration statement for The Giordano Fund is pretty typical of a new mutual fund being filed by a recently registered investment advisor. The big difference is in the reference to the 1% annual management fee that Giordano Asset Management of Annapolis, Md. will charge for advising the fund, if only because Giordano won't be keeping the entire amount. The fund advisor promises to donate to unspecified charities 10% of the net management fees it earns on the fund once assets eclipse $15 million.