Miton Group is set to launch a global infrastructure vehicle in the second quarter of next year.
While the UK-based firm is already exposed to a number of infrastructure stocks, the fund will be its first dedicated to infrastructure. The AIM-listed company said the vehicle launch – which remains subject to regulatory approval – is part of the company’s wider strategy to broaden its fund range.
Miton Group has hired Jim Wright as the fund’s manager. Wright will join in January from the British Steel Pension Fund where he manages a £560 million ($610.5 million; €558.7 million) portfolio of global infrastructure stocks. He was previously a fund manager at the UK’s M&G Investments and Swiss-based Global Asset Management.
“Jim is joining the group as part of our continued strategy to deliver differentiated funds that are tailored to our clients’ requirements,” Ian Dighé, chairman of Miton Group, said in a statement. “He brings with him extensive experience and proven performance investing in global infrastructure.”
Miton Group declined to comment further on the fund’s size and prospective mandate.
Earlier this month, Miton Group reported it had assets under management totalling £2.8 billion and £19.1m of cash on its balance sheet.