Richard Lane has joined AllianceBernstein as a managing director of infrastructure, where he will report to his former AMP Capital colleague Gerry Jennings. The two had worked together in AMP’s London office.
Lane, who joined AMP Capital in 2010 and was a principal of its infrastructure debt business, left the firm last month. Following his departure, the Sydney-based asset manager put plans for a listed trust – which had aimed to raise up to £150 million (€187 million; $250 million) – on hold.
The plan was for the trust to act as a feeder fund for AMP Capital’s Infrastructure Debt Fund II, which held a second close in March on $750 million and has a target of $1 billion.
Jennings, who had spent nine years in AMP Capital’s infrastructure debt team, left the firm towards the end of 2013 and was appointed to launch US asset manager AllianceBernstein’s new infrastructure debt business in London in February this year. Jennings holds the title of global head of infrastructure.
“Infrastructure debt investment opportunities need to be carefully matched to the needs of investors and with Richard’s experience in sourcing, arranging and managing these investments, we will be able to meet the growing demand from our clients for this type of solution,” said Jennings in a statement.
AllianceBernstein is aiming to build a portfolio diversified by geography and sector, focusing on senior and junior private infrastructure debt.
Prior to AMP Capital, Lane’s 19-year career in banking, infrastructure finance and private equity had included spells at Kier Project Investments, Dexia UK and Royal Bank of Scotland.
Lane’s departure from AMP Capital followed those of Tom Walker, deputy head of global listed real estate, and Hugo Machin, head of European listed real estate, who both moved to UK asset manager Schroders.
The AMP Capital infrastructure debt team is led by Andrew Jones, the firm’s global head of infrastructure debt.
At the time of Lane’s departure, the firm issued a statement saying: “A global recruitment search is underway for a replacement but in the meantime Richard’s responsibilities have been assumed by the other team members in the London office, with support from the Global Infrastructure Debt team and continued access to the breadth of resources at AMP Capital.”