iCON Infrastructure, the independent fund manager which spun out of Deutsche Bank last summer, is continuing to beef up its team, having hired four new people, the firm announced in a statement.
The new hires include Daniel Hales, who joins as a director of finance, charged with “overseeing all aspects of the financial operational management of iCON and its associated funds,” iCON said in a statement. Hales previously worked as group financial controller and compliance officer at an FSA-regulated investment firm. Prior to that, he had stints at Goldman Sachs and KPMG.
Hales will manage a team also including new hire Anette Grindsted, who has a background in project management in both the public and private sectors. The other new joiners are Sophie Guibert – formerly of the energy & resources team at Royal Bank of Scotland – and Jeremy Smith – a solicitor who spent five years at the London office of law firm Weil Gotshal.
iCON has been beefing up its team of late, having recently added veteran banker Iain Macleod. Macleod brings 20 years of corporate finance and infrastructure experience to iCON, having spent the last 11 years at Deutsche Bank, where he was head of transportation and infrastructure for Europe, the Middle East and Asia as well as head of M&A for Asia.
Paul Malan, who leads the iCON team, said the new hires will “enhance our ability to capitalise on the significant number of investment opportunities that we are seeing in mid-market infrastructure across Europe and North America”.
The independent fund manager is currently raising its second infrastructure vehicle – iCON Infrastructure Partners II – and, according to market sources, has already managed to raise roughly half of the €500 million it is targeting. A final close is expected by the end of the year. A spokesperson from iCON declined to comment when asked about the fundraising.
iCON already manages a fully invested, €500 million infrastructure fund with holdings in rolling stock company Porterbrook, UK utility Sutton & East Surrey Water and Spanish oil storage firm Compania Logistica de Hidrocarburos, to name a few. Its second fund already holds one asset – West Virginia gas distribution company Mountaineer Gas, which serves some 220,000 residential and industrial end users.
Recently, iCON, together with Canadian pension PSP Investissements, participated in the early stages of the bidding for the UK assets of French group Veolia Environnement, but decided against submitting a final bid. A consortium of Infracapital and Morgan Stanley won the bidding process.