Hastings chief executive retires

Steve Boulton is stepping down as chief executive of Hastings Funds Management, the manager of the Australian Infrastructure Fund, where he also served as a director. Alan Freer is replacing Boulton for an interim period as Hastings looks to recruit a new head.

Steve Boulton, chief executive of Hastings Funds Management, the manager of the Australian Infrastructure Fund (AIX), is retiring, Hastings announced today.
 
Boulton, who was also a director of AIX, spent the last three-and-a-half years at the helm of Hastings Funds Management. He will be replaced by Alan Freer, who has been appointed as interim chief executive of Hastings. Freer is no stranger to Hastings, having previously served as a board member and acting chief executive of the firm. Hastings has started recruiting for a permanent chief executive.
 
Boulton’s retirement will have no impact on the senior management of AIX, with Jeff Pollock to continue as chief executive of AIX, which has a market capitalisation of $1.1 billion.
 
In a recent filing to the Australian Stock Exchange, AIX reported strong passenger growth across its airports portfolio for the month ended January 31, 2011. Passenger numbers grew by 9.8 percent compared with the prior corresponding period, led by AIX’s Australian airports, which make up 83.5 percent of the fund’s portfolio. This has led to AIX achieving weighted growth of 11.3 percent in relation to the prior corresponding period.
 
“Developments to cater for this growth are planned at a number of our airports and are expected to contribute to longer term returns for AIX investors,” AIX chief executive Pollock said.