Tony Adams, chief investment officer for infrastructure at Eastspring Investments has left the $170 billion Asian asset management arm of the UK’s Prudential, sources familiar with the departure told Infrastructure Investor.
Adams, who spent three years at the company, is leaving after a first half of 2017 that saw Eastspring ramp up its commitment to Asian infrastructure by making its debut investment in India and committing $500 million to the International Finance Corporation’s $5 billion emerging market infrastructure debt platform.
His departure comes as Eastspring restructured its alternatives and infrastructure capabilities by creating a new team in Singapore to be led by Nadir Maruf in the newly created position of chief investment officer for alternatives.
Maruf, who will report to Eastspring chief investment officer Virginie Maisonneuve, will oversee management and investment performance of the firm’s alternatives and infrastructure offerings.
The new team also represents the integration of Eastspring’s existing private equity and infrastructure offerings, the firm said.
In addition to Maruf’s hire, Duncan Black has joined Eastspring as investment director, also a new role. Both Maruf and Black join from Daestrum Capital, an Asia-focused infrastructure investment firm set up in July 2016 by former executives from Deutsche Asset Management. Maruf and Black were chief executive and chief financial officer, respectively.
With more than 20 years of alternatives investment experience, Maruf was responsible for Deutsche’s alternatives and infrastructure businesses in the Asia-Pacific region, while Black held senior infrastructure roles at Deutsche, Atlantis Resources, Lyon Group, Asia Infrastructure Fund and CLP Holdings, prior to the establishment of Daestrum.
“Given the global shortfall in infrastructure funding, together with the region’s economic growth profile and demographic shifts, there is a clear opportunity for successful infrastructure, private equity and private debt investments which potentially create alpha for institutional clients seeking a strong, stable investment partner,” Maisonneuve said.