Morrison is strengthening its asset management capability with infrastructure investments under management globally now valued at over US$26 billion.
Morrison chief executive Paul Newfield said the firm is experiencing rapid growth across its operations, which encompasses North America, Europe and Asia alongside New Zealand and Australia, and spans renewable energy, digital infrastructure, and advanced healthcare, alongside more traditional infrastructure such as airports, water and energy distribution utilities.
“Morrison’s track record of 18% p.a. net returns over more than three decades has been built on our differentiated approach to asset management. Genuine sector expertise and proactive asset management become even more valuable when the asset class can’t rely on low interest rates and financial leverage to drive returns.”
Chief Investment Officer William Smales said in response to our growth and the increasing complexity of managing assets, Morrison is growing its global network of operating partners. “Our highly experienced and global Operating Partners are an integral part of our investment management model. Their diverse perspectives, extensive leadership experience and deep expertise and industry knowledge support our approach to any investment, further enhancing our asset management capabilities.”
Steven Fitzgerald, who has served as Morrison’s Global Head of Asset Management for the past 13 years, is transitioning into a new role as Lead Operating Partner. “Mr Fitzgerald will focus on expanding Morrison’s reach of sector and functional expertise globally to support a model that we know drives value and enables Morrison to be excellent managers of the assets we invest in on behalf of our clients,” said Mr Smales. “Prior to joining Morrison, Steven was Chief Executive of Wellington Airport, a Morrison portfolio company. His experience will be invaluable as we grow the team.”
Rachel Drew will step into the Global Head of Asset Management role, where she will continue to shape the asset management function for future growth. Ms Drew joined the firm 18 years ago and has been a key contributor to Morrison’s journey and success to date.
Mr Smales said “Rachel's broad experience across the firm includes more than six years as an operating executive in a portfolio company, transitioning the management of Utilities Trust of Australia to Morrison and establishing Morrison’s UK office in 2018. She has been a Director across a broad range of our operating businesses in both the UK and across Australia and New Zealand and is currently Chair of Wellington International Airport.
“Steven and Rachel will be working across our global portfolio. Our expanding reach in North America, for example, recently saw the opening of a new headquarters in New York’s Rockefeller Centre with over 20 investment managers. The team oversee US assets including Longroad Energy, which is one of the top 10 largest renewable energy developers in the US, and FiberLight, a major provider of critical network infrastructure in Texas. Our teams in Singapore and London are also growing.
“Morrison's asset management capability is embedded through our operations in US, UK, Europe, Asia and Australasia and continues to build our track record of lifting the economic and sustainability performance across a mix of infrastructure assets.”
