AMP Capital, the Australian asset manager, has launched a new listed vehicle – AMP Capital Global Infrastructure Securities Fund – to invest in global infrastructure.
The fund will be headed by AMP Capital Investors global portfolio manager Craig Noble and a dedicated team of infrastructure professionals spread across London, Chicago, Hong Kong and Sydney, AMP said in a statement.
AMP’s new fund will look at deals in several geographies and sectors including energy, transportation, communication and water and aims to capitalise on everything from greenfield infrastructure in emerging markets to infrastructure upgrades in developed nations and government asset privatisations, the asset manager said.
“Globally, it’s estimated there is a $25 trillion gap in government infrastructure spending over the next 25 years,” Noble said, adding that population and economic growth across the globe will increase demand for private sector investment in infrastructure.
The new fund will be benchmarked against the Dow Jones Brookfield Global Infrastructure Index AUD Hedged and the Dow Jones Brookfield Global Infrastructure Index (AUD) respectively, AMP said in its statement.
AMP, which started investing in infrastructure in 1988, had A$96 billion (€67 billion; $86 billion) of funds under management as of March 31, 2010.
In related news, AMP has just set up shop in New York with a dedicated infrastructure team including four former executives of Access Capital Advisers, an Australian asset manager. The new office is expected to open next week.