Hastings Funds Management has appointed board member Terry Winder as its new chief executive, taking over from Andrew Day, who is leaving the company on 30 September.
The new chief executive will continue to assess sale options for the business, after a second failed attempt to sell Hastings last month.
Winder has 30 years of experience in Australian and international financial markets and prior to his appointment was the chief financial officer of Westpac’s Institutional Bank. He was appointed as a director of Hasting’s board in July 2016.
Day joined Hastings as chief executive in October 2011. Prior to his role at Hastings, he was chief executive of investment firm Eircom Holdings. Day has also held senior positions at Truvo, a European-based private equity-owned company; Sensis, Australia’s largest advertising and search business; and Australian telecoms firm Telstra Corporation.
Hastings Chairman Brian Scullin thanked Day “for his leadership over the last six years, which has seen Hastings grow its business substantially in Australia while also diversifying its operations outside Australia. Hastings currently has more than 70 clients from 10 countries”.
The Australian infrastructure fund manager said Winder’s primary objective was “to see that Hastings continued as a long-term successful investor with a highly disciplined approach”. He said he would continue to assess sale options for the business, after local property group Charter Hall last month decided not to buy Hastings following exclusive talks with owner Westpac.
The leadership change comes just weeks after unitholders of The Infrastructure Fund, a 1998-vintage, open-ended vehicle with A$1.88 billion ($1.49 billion; €1.25 billion) invested in global infrastructure, voted to remove Hastings as its manager on 31 August.
The board of Gardior, TIF’s trustee, convened an extraordinary general meeting following a strategic review of the management of the fund, which started late last year. A 12-month transition period will now commence to complete Hastings’ replacement.
Hastings started managing TIF in 2000, and achieved an average annual return of 12.8 percent post fees by growing the fund from a single Australian asset to a global portfolio of 11, including the likes of Port of Newcastle and Queensland Airports.
Hastings said that it respects the decision and pointed out TIF represents less than 15 percent of Hastings’ total revenue. Over the past five years, the firm has been working to diversify its investor and product base and last year alone raised fresh capital commitments of A$1.8 billion. Hastings managed A$14.3 billion on behalf of more than 75 institutional investors across the globe, as of end of this June.
But the manager has had a bumpy ride on the personnel front. Over the past two years, it has seen the departure of Peter Taylor, an industry veteran who led Hastings’ global investments and asset management, to The Carlyle Group, where he resurfaced last year working alongside Richard Hoskins, previously executive director for infrastructure at Hastings. Three executives including Heiko Schupp, Cassandra Stevenson and Ingrid Weston left the firm in September 2016, with Weston resurfacing at HSBC a month later. And this March, 3i hired ex-Hastings executive Rob Collins to lead its North American infrastructure platform.