Fund manager Citi Infrastructure Investors (CII) has parted with longtime global co-head Felicity Gates as well as two more top-level executives.
Infrastructure Investor has confirmed London-based partner John-George Duthie-Jackson, as well as Colin Campbell, a partner in Sydney, Australia, have also left CII.
Citigroup released a statement to the media noting “certain employees” exited CII in the wake of its investment period ending in December.
“We appreciate their contribution […] and wish them well,” the statement concluded. A spokeswoman for Citi in New York declined additional comment.
Holly Koeppel, CII co-head, has remained with Citi to run Citi Infrastructure Partners (CIP), a $3.4 billion fund.
Neither Gates nor Duthie-Jackson could be contacted. Campbell, however, addressed the departure on his LinkedIn profile.
“The CII partners are separating from Citi and remaining in business together,” he wrote. “I am based in Sydney and will be repatriating to the UK in August 2013”.
A market source noted recent speculation hinting Gates had wanted to spin her team out from CII, a unit of Citi Capital Advisors (CCA), the alternative asset platform of Citi. Earlier in 2013, Napier Park Global Capital, a $6.8 billion hedge fund, spun out from CCA.
Gates joined Citi in 2007. She had been a managing director for Deutsche Bank and chief investment officer for Deutsche Asset Management unit RREFF Infrastructure.
Citi hired Gates to lead CII – then its newly launched infrastructure initiative – with Juan Bejar, former chief executive of Grupo Ferrovial.
Gates and Bejar, together with Duthie-Jackson, Campbell and Michael Froman, would lead CII until 2009, when Froman resigned to go to work for the Obama administration.
Later, Bejar would also depart to chair concessionaire Global Via Infraestructuras. Koeppel, former chief financial officer of America Electric Power, replaced Bejar.
CII is owner in private toll road operator Itínere Infraestructuras, DP World Australia, utility Kelda Group, as well as airport investment and management company Vantage Airport Group.
In 2008, Citi and Abertis saw a $12.8 billion deal to privatise the Pennsylvania Turnpike collapse and one year later CII failed to finance a $2.5 billion public-private partnership for the Chicago Midway International Airport.