AMP in major management shake-up

Three senior executives will be promoted and three will depart after the Australian firm decided to merge a number of units within its infrastructure equity business.

AMP Capital is undertaking a major reshuffle of its infrastructure equity team after a reorganisation that will involve its top executives overseeing a reduced number of divisions.

The first major shift will see the Sydney-headquartered firm focus on products and services rather than regions or operations, as a result of which Paul Foster, head of infrastructure for Australia and New Zealand, will leave the business, and the role of head of infrastructure for Europe and the Americas, left vacant by Boe Pahari’s promotion to global head of infrastructure equity at the end of last year, will not be filled.

The company’s separately managed accounts and origination functions will be merged and Michael Bessell, currently global head of origination, will take on an expanded role as head of separately managed accounts & origination, Australia and New Zealand. Meanwhile Michael Cummings, currently infrastructure equity fund manager, has been promoted to head of Australia and New Zealand funds.

AMP’s social infrastructure and aged care units will also be combined and headed up by Julie-Anne Mizzi, currently community infrastructure fund manager, who is to become head of social & aged care for Australia and New Zealand.

Following these changes, Chris Wade and John Mitchell, respectively head of customised accounts for infrastructure and head of listed debt, will depart from the company.

The management shake-up comes shortly after Scott Davies, formerly AMP’s Australia-based global head of infrastructure, left the firm at the end of last year. The decision not to replace him arose as the firm strives to internationalise its business, with a particular focus on bolstering its European presence. The move also saw Boe Pahari, previously head of infrastructure for Europe and the Americas, join AMP’s leadership team and assume responsibility for the Australian and Indian infrastructure equity teams.

Pahari was instrumental in the launch of AMP Capital’s Global Infrastructure Fund last October, which saw the conversion of an open-ended vehicle into a closed-ended one with an overall target size of $2 billion – comprising $1.25 billion of fresh commitments and a $750 million portfolio of seed assets.