AMP-Brookfield JV scuttled amid infra realignment

AMP Capital Investors has ended its $7bn partnership with Brookfield Asset Management and decided to establish an internal listed infrastructure group. Veteran analyst and Australia native Tim Humphreys will head the team.

A jointly held infrastructure venture that partnered AMP Capital Investors with Brookfield Asset Management (BAM) ended Tuesday after AMP announced the creation of its own in-house listed infrastructure team.

The decision to exit AMP Capital Brookfield, a $7.7 billion investment operation, followed a “strategic review,” AMP said. A spokeswoman for Sydney, Australia-headquartered AMP, with A$123 billion ($129 billion; €96 billion) under management, was not able to provide additional comment as of press time.

AMP called the formation of its internal team part of a “continued international expansion,” claiming that having internal portfolio management capability enabled “full control” of “the investment platform”. AMP chief investment officer David Kiddle said bringing its infrastructure team in-house would let the unit better access AMP’s broader investment business.

The newly established AMP “globally listed” infrastructure team is led by Tim Humphreys, who will head up portfolio management, according to AMP.

Humphreys joined AMP in 2010 and has been serving as senior equity analyst for AMP Capital Brookfield. Prior to coming to AMP, he worked as a senior equity analyst for boutique asset manager RARE Infrastructure. Humphreys has also been an analyst with Insight Investment and Rothschild Asset Management.