Altman departs First State

Jeffrey Altman (pictured), a director who co-led global fundraising and fund management for First State Investments’ European Diversified Infrastructure fund, has left the firm. Altman had been with the business since January 2008.

Jeffrey Altman left First State Investments, the international arm of Australia’s Colonial First State Global Asset Management, in the summer. He is since understood to have been travelling and could not be reached for comment. In a statement, First State said he had “left the company to pursue other business opportunities”. 

Altman, who was based in the London office, joined the firm in 2008 having previously been chief executive and president of US hydrogen specialist Hy9 Corporation.

Altman, a director of infrastructure investment management in Europe, co-led global fundraising and fund management for First State Investments’ European Diversified Infrastructure Fund. The fund, which has been in the market since 2007 with a €1.5 billion target, had raised €673 million by January this year.

Having started out as an open-ended vehicle – with no defined term and with the capacity to add investors throughout its life – the fund was changed to a hybrid structure early in 2011. The structure is based on a 15-year life, with investors given the opportunity to extend the life in five-year blocks. 

Altman had also worked on deal origination, transactions and strategic relationships in continental Europe. He was a board member of NWEN, the holding company of Electricity North West, a £320 million (€404 million; $509 million) UK-based electric distribution company. During his career, Altman has spent more than 19 years as a senior executive in infrastructure and energy.

First State’s European team includes head of infrastructure asset management Niall Mills, head of infrastructure transactions Marcus Ayre, and co-heads of infrastructure investments Danny Latham and Philippe Taillardat. Last year, Australian national Latham relocated from London to Sydney for family reasons.

In the First State statement, Mills said: “We wish Jeffrey every success in his future plans and would like to thank him for his contribution to our business.”