Wealthy migrant investors could provide a vital source of funding to support universities and the return of international students, leading wealth manager Atlas Advisors Australia says.
Executive Chairman Atlas Advisors Australia, Guy Hedley said universities, jobs and vital research projects were being unnecessarily put at peril because of a failure to look at smarter, more sustainable funding alternatives.
Mr Hedley said the Australian Government's current review of the Business Innovation and Investment Program (BIIP) was an opportunity enhance the economic and social outcomes of the program by directing more funds towards priority sectors such as universities.
"The complying investment framework of BIIP should be restructured to give priority to high net worth migrant investors who can provide a rich, long-term source of funding," he said.
"Reopening applications under the BIIP could immediately unlock millions of dollars in available funds to support universities to recover and grow in a post-COVID-19 economy."
Mr Hedley said revamping the BIIP complying investment framework to channel more funds towards critical research, positions and projects matched the strategic focus of universities and the Australian Government towards international education.
"The Australian Government and universities aim to increase the $37.6 billion contribution that international education made to the Australian economy last financial year," Mr Hedley said.
"Wealthy migrant investors could play a greater role in making up for the loss of international students
and strengthening the capabilities of our universities to build better ties to the rest of the world.
"It could also lead to more university endowments, another growing source of stable revenue."
University-focused venture capital fund Stoic Venture Capital has united with Atlas Advisors Australia to call for greater funding under the BIIP for universities and venture capital.
Stoic Venture Capital Managing Partner - Investments Geoff Waring said the BIIP complying investment framework should be also revamped to increase funding for early stage venture capital and to assist the commercialisation of university innovation.
"Many Australian startups that could go on to become industry leaders have emerged from research conducted in university laboratories," Dr Waring said.
About Atlas Advisors Australia
Atlas Advisors Australia is a leading funds manager and investment advisory business, operating between China and Australia offering a wide range of financial services and wealth management solutions. With operations in Sydney and Melbourne in Australia and Shanghai in China, we are able to support investors in all China and Australia locations.
