Aviva eyes ‘more scalable model’ and names Murphy as new infra MD – exclusive

Darryl Murphy’s promotion from head of infrastructure debt to the newly created role comes just under three years since his arrival from KPMG.

Aviva Investors
Debt oversight: Murphy’s new role as infra MD, is part of the firm’s strategy to integrate its infra debt and equity capabilities.

Aviva Investors, the asset management arm of the UK insurer, has named Darryl Murphy as its new managing director of infrastructure, Infrastructure Investor has learnt.

The asset manager promoted Murphy from his role as head of infrastructure debt to the newly created position overseeing the firm’s debt and equity strategies, Aviva Investors confirmed, as it plans a more integrated approach of the two functions.

Murphy’s promotion comes just under three years since his move to Aviva Investors from his role as a partner in KPMG’s infrastructure advisory practice. He was also previously head of European project finance at HSBC.

“We are aiming to accelerate the growth in this critical business area for Aviva Investors with a more consistent and scalable investment management model,” a spokesman for the firm told Infrastructure Investor. “We believe by bringing together our larger and leading pan-European infrastructure debt capability with our currently UK-focused infrastructure equity capability, we can leverage skill sets, underwriting, credit analysis, origination and client engagement better.”

The firm’s infrastructure debt team, numbering about 25, has deployed more than £5.5 billion ($7.2 billion; €6.5 billion) in Europe and Canada. Its most recent transaction saw it deploy £200 million in December to back a new portfolio of rolling stock in the UK.

The infrastructure equity team, led by Ian Berry, includes the management of the open-ended Aviva Investors Infrastructure Income Fund, which had a total subscription amount of about £1.2 billion at the end of September 2019, according to pension documents. It primarily invests in UK energy, broadband and social infrastructure projects and last month committed £34 million to ITS Technology Group to support the roll-out of a full fibre broadband network.