UK insurer Legal & General has hired a new head of infrastructure equity to spearhead its diversification from the debt market.
Jonathan Ord has joined from the UK’s Local Pension Partnership, where he served as investment director, helping to establish the £1.8 billion ($2.3 billion; €2 billion) GLIL Infrastructure platform. As a result, he has also served as director of portfolio investments such as Rock Rail East Anglia, Semperian PPP and Clyde wind farm.
Ord’s appointment to this newly created role is an attempt by Legal & General to broaden its infrastructure offering, which to date totals about £3 billion of assets under management in debt investments. The equity strategy will initially focus on the UK but has ambitions to invest globally, a spokeswoman for the group told Infrastructure Investor. She added that the strategy will focus across the infrastructure sector.
The firm late last year made its second largest infrastructure investment and largest renewables transaction to date when it backed Global Infrastructure Partners’ 50 percent acquisition of the 1.2GW Hornsea Project One offshore wind farm.
“Jonathan will lead an investment strategy that focuses on environmentally and socially responsible assets that deliver attractive returns for our clients,” Tom Sumpster, head of infrastructure finance at Legal & General, said in a statement.
The insurer also recently hired Will Devenney from HSBC as a manager within the infrastructure debt team. As with Devenney, Ord will report to Sumpster.