The appointments expand the leadership group to reflect AMP Capital’s strategy to grow in the world’s largest asset management markets and ensure both clients and investment expertise are represented.

AMP Capital CEO Boe Pahari said: “AMP Capital’s success will be determined by our global representation, client centricity and strong heritage and foundation, and the appointments we have made today reflect that. We are building a client-led, globally integrated investment platform to further increase access to global capital and drive collaboration across our teams to deliver better outcomes for clients.

“We are drawing on the talents within our business and seeking to bring a diversity of views to the leadership group. This group will develop and execute AMP Capital’s new strategy. I’m excited by what we will achieve together, as we continue to export our investment excellence to a global market, particularly in real assets.”

Summary of the changes:

• Patrick Trears has been appointed Global Head of Infrastructure Debt, based in the US. The appointment reflects the importance of North America in infrastructure debt, which is one of our largest markets for current and potential clients and deal opportunities. Patrick, who is currently Head of Infrastructure Debt in the US, will succeed Andrew Jones, who will now leave AMP Capital.
• Tim Smith has been appointed Head of International Distribution. Currently head of American and European distribution, Tim will be elevated to the leadership group.
• Aideen O’Donovan has been appointed Chief Financial Officer, replacing Adrian Williams, who is stepping down from his role as the Acting Chief Financial Officer and Chief Operating Officer (COO) for personal reasons. Aideen is currently Head of Finance and will join the leadership group.
• Simon Joiner has been appointed Chief Operating Officer, picking up Adrian Williams’ COO duties. Simon is currently COO in the North West region and will expand his remit and join the leadership group. Adrian will take on the role of Global Transition Manager to oversee the separation of the functions until the end of the year.
• Simon Ellis, currently Partner, Infrastructure Equity has been appointed as Head of Americas. Partners Infrastructure Equity, Matt Evans and Ruben Bhagobati have been appointed Co-Heads of Europe. These three new roles in key international markets will look to drive growth across their respective regions, beyond their own investment capability roles.
• After five successful years of building the Real Estate business, Carmel Hourigan has decided to leave AMP Capital to take up a new role at Charter Hall. A process to replace Carmel has already commenced and Carmel will remain in the role to manage an orderly handover of responsibilities.
• With Madeleine Mac Mahon’s decision to resign after 12 years with the business, Lisa Hurley and Lauren Crystal, currently AMP Capital People & Culture Business Partners, have been appointed Co-Heads of People & Culture. Lisa and Lauren will be members of the leadership group.

There are no changes to the roles of: Managing Director Asia Pacific, Craig Keary; Global Head of Public Markets, Simon Warner; General Counsel, Yen Hui Tie; and Chief Risk Officer, Natalie Kooyman, who will all remain members of the leadership group.

Mr Pahari said: “I’d like to thank Madeleine and Adrian for the important role they have played in the development of AMP Capital. Andrew has done an outstanding job to build our infrastructure debt business, particularly the success of the IDF series. They each leave with our best wishes. I’d also like to congratulate Carmel on her new role and wish her every success for her new challenge.

“Pleasingly we’re able to take advantage of the deep pools of internal talent, and combined with our established leadership group, we will continue to build upon our culture underpinned by performance, excellence and inclusion.”

The leadership group announced today will develop and deliver AMP Capital’s strategy, to be announced at AMP’s Half Year results on 13 August 2020.

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Mr Gordon joins from Macquarie Capital, where he led asset management for the Americas, Europe and Asia since 2013. He has 15 years’ experience in private markets asset management, driving due diligence of investment opportunities, managing post-acquisition integration, and working with senior management to drive turnaround and performance improvement programs.

Mr Gordon had worked at Macquarie Group since 2006, in Business Improvement & Strategy where he advised Group business units and portfolio companies of Macquarie Infrastructure and Real Assets on business strategy and operational performance improvement in Sydney, London and New York. Prior to this, he was a consultant at Accenture. He began his career at Macquarie Bank as an Associate. He holds a Masters degree specializing in Finance and became a CFA charterholder in 2008.

Simon Ellis, Head of Americas, Infrastructure Equity, AMP Capital said: “The appointment of Ric Gordon strengthens our Americas team and supports our commitment to delivering value for our clients through asset management.

“We have just added cloud and data center service provider Expedient to our portfolio, our largest Americas deal to date, and as we continue to increase our presence in the US, securing someone of Ric’s calibre to lead our asset management in this key region is hugely positive for our business.

“Strong asset management is integral to the success of our investment strategy, as we apply rigorous active management to add value and build successful, sustainable businesses. The ambitious growth plans for our Americas assets, which include significant investments in digital infrastructure, energy, transport and logistics, will benefit from Ric’s leadership and experience.”

Mr Gordon commenced at AMP Capital in the newly-created role on 12 November. He has a dual reporting line to David Rees, Global Co-Head of Asset Management, in London and Simon Ellis, whom he will be based alongside in New York.

His hire follows the recent appointment of Simon Ellis as Head of Americas, Infrastructure Equity. Mr Ellis has responsibility for Americas origination and investments and leads the infrastructure equity team in the region.

Mr Ellis is a Partner in AMP Capital’s infrastructure equity business. He has worked at AMP Capital for nine years, and prior to the Americas role was responsible for overseeing global origination. Mr Ellis has 27 years’ experience in the industry, and held roles including Chief Investment Officer of ING’s infrastructure funds and Project Finance Director at Lloyds TSB, in addition to public sector infrastructure experience.

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Simon Ellis

Global investment manager AMP Capital has agreed to acquire Expedient (Continental Broadband, LLC), a leading US provider of cloud computing and data center services, from Landmark Media Enterprises, LLC.

Expedient offers an integrated suite of colocation, cloud, managed services and network access products to a highly diverse base of over 1,200 customers. The business operates 11 self-directed data center facilities and leverages a half dozen partner facilities in order to provide critical outsourced information technology solutions to a range of businesses and industries across the US from its eight operational locations in Baltimore, Boston, Cleveland, Columbus, Indianapolis, Memphis, Phoenix and Pittsburgh.

Expedient’s data centers and cloud computing platforms act as one functional asset with a unified delivery and service capability. The current data center footprint consists of approximately 160k square feet of space and 12.4MW of power. It provides comprehensive, value enhancing hybrid solutions supported by continuous product innovation.

Simon Ellis, Partner, Head of Americas Infrastructure Equity at AMP Capital said: “We are delighted to secure this high quality business on behalf of our investors. Expedient offers a fully integrated, scalable platform with embedded growth capacity. Its attractive growth prospects, supported by industry trends, supplement its stable revenues and strong cash flow generation.

“Expedient represents a significant additional investment in the US communications infrastructure space following our acquisition of Everstream, a Cleveland-based fiber provider, in 2018.”

Matt Evans, Partner, Global Head of Communications, Infrastructure Equity added: “This investment is AMP Capital’s first data center/Infrastructure as a Service (IaaS) acquisition. We have been seeking the right investment globally through which to enter this highly attractive sector. Increasing IP traffic, the growing complexity and capital intensity of managing in-house infrastructure, and evolving regulatory requirements are driving demand in the outsourced cloud and data center space.”

The investment is made on behalf of investors in AMP Capital’s global infrastructure equity strategy. Subject to customary closing conditions, the transaction is expected to close in Q4 2019.

The Bank Street Group served as financial advisors to AMP Capital, and Evercore served as financial advisors to Landmark.

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Dylan Foo

Global investment manager AMP Capital has entered into a 50/50 partnership with Invenergy Clean Power LLC (“ICP”) to invest in Invenergy’s operating and development portfolio of natural gas-fired power generation facilities across the United States, Canada and Mexico.

The investment provides AMP Capital access to one of the largest privately-held gas-fired generation portfolios in the US and a rare opportunity to invest in a low-emissions generation fleet with scale. The operating and development projects are diversified across multiple North American power markets, contract counterparties, and technologies.

AMP Capital and ICP will share joint ownership and governance of the new partnership, Invenergy AMPCI Thermal Power Holdings LLC (‘the portfolio’), while ICP will maintain day-to-day management of the business. ICP is an affiliate of Invenergy LLC (“Invenergy”), an independent Chicago-based developer, owner and operator of power generation facilities internationally. In addition to its extensive renewables platform, the Invenergy management team has built and developed nearly 12,000 megawatts (MW) of thermal facilities over the past three decades.

The portfolio is comprised of seven operating plants with net capacity of 2,680 MW in the US and Canada, one facility under construction in Pennsylvania, and two late-stage development projects in Mexico. It also includes an extensive early to mid-stage development pipeline in the US and Mexico.

Dylan Foo, Partner & Head of Americas Infrastructure Equity at AMP Capital, said: “This transaction represents a unique opportunity to invest in the North American power sector via a diversified portfolio, partnering with a premier developer and operator of power generation assets on a 50/50 basis.

“The investment offers an excellent entry point into a highly attractive sector, due to the calibre of Invenergy, the quality and diversification of the portfolio, and the growth prospects of the development platform.”

The portfolio investment has been made on behalf of investors in AMP Capital’s global infrastructure equity strategy. AMP Capital’s US infrastructure equity investments include Midwest fibre optics provider Everstream, the intermodal logistics company ITS ConGlobal, Chicago’s Millennium Garages, and Capistrano Wind Partners. AMP Capital currently has more 40 employees based in offices in New York, Chicago and Orange County, California.

Simon Ellis, Partner & Global Head of Origination, Infrastructure Equity at AMP Capital, said: “AMP Capital is growing its presence in the North American infrastructure market and we are delighted to have secured this opportunity on behalf of our clients around the world. We look forward to leveraging our energy investment and asset management experience and collaborating with Invenergy to realize the maximum value of the portfolio.”

Jim Murphy, President and Chief Operating Officer at Invenergy, said: “Invenergy has created a world-class platform for the development and operations of clean energy projects. AMP Capital shares a longer-term perspective and brings financial strength to our business, positioning our project portfolio for years of continued growth.”

RBC Capital Markets acted as sole financial advisor for AMP Capital. Goldman, Sachs & Co acted as lead financial advisor along with Credit Suisse for Invenergy. Legal advisors were White & Case for AMP Capital and Latham & Watkins LLP for Invenergy.

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