The head of infrastructure equity at UK insurer Legal & General Investment Management has left his role after about three months in the post, Infrastructure Investor has learnt.
Jonathan Ord joined the group in the newly created role in March from his position as investment director at the UK’s Local Pension Partnership. However, the firm confirmed his departure and he has returned to his previous post.
Ord’s appointment was an attempt to kickstart LGIM’s investments in infrastructure equity, initially to start in the UK but with ambitions to invest globally. The possibility of a fundraising effort was also considered, it is understood.
However, one source told Infrastructure Investor that there was a disagreement over how to carry out the strategy, resulting in Ord’s decision to return to the LPP.
“While it means a potential delay in our initial investments, this does not in any way dampen L&G’s commitment to delivering an infrastructure equity investment product as part of the expansion of our Real Assets platform to deliver a full spectrum of real estate and infrastructure products to clients,” a statement from LGIM read. “While we understand Jonathan’s decision to leave, we are confident of being able to attract talent to the business and we will continue to hire to build out the team of which Jonathan formed a part, in order to drive forward this exciting strategy.”
LGIM has over £3 billion ($3.7 billion; €3.3 billion) in assets under management through its infrastructure debt strategy. It has been particularly active in the renewables space, where deals have included the backing of Global Infrastructure Partners’ 50 percent acquisition of the 1.2GW Hornsea Project One offshore wind farm.
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