AMP Capital has lost six staff from its Community Infrastructure Fund to rival Plenary Group’s new infrastructure funds management business.
Plenary recently appointed former AMP Capital global head of social and aged care Julie-Anne Mizzi, who previously oversaw the CommIF, to lead its new business across Australia and New Zealand. It said Mizzi will be joined by Jiren Zhou, Simon Hunter, Kathlyn Crafford, Kareen Livingstone, Liam Brosnan and Ser Hui Lee, all of whom have recently resigned from their roles at AMP Capital.
New Plenary partners Zhou and Hunter, who will be head of origination and head of asset management respectively, and new Plenary director Livingstone, are set to join the firm alongside Mizzi in September. Crafford, who will be Plenary’s new director of asset management, will join the firm in July, along with new Plenary associate Brosnan and finance manager Lee.
The new appointments come as Plenary’s bid to take over management of the CommIF is under review by the fund’s independent board committee.
In a statement, Plenary chief executive David Lamming said: “We are excited to be welcoming such a talented, experienced group of funds management professionals to Plenary.
“We look forward to establishing and growing Plenary Funds Management in a way that helps to solidify our position as Australia’s leading long-term investor, developer and manager of public infrastructure.”
CommIF team reshuffle
The resignations have sparked a reshuffle within AMP Capital’s CommIF team, including the promotions of Trent Mikkonen, to the role of head of social asset management, and Andrew Jones, to the role of investment director.
“We’ve already communicated the changes to CommIF unit holders so they are comfortable that we have a strong team that continues to manage the fund,” a spokesperson for AMP Capital told Infrastructure Investor.
In a statement, the firm said: “Following recent departures in our CommIF, AMP Capital is pleased to announce changes from within the team.
“These appointments reflect the deep bench of talent within infrastructure equity, which has more than 60 investment professionals. As we reminded clients in recent weeks, the success of the fund has been due to the contribution of more than 90 people across our organisation that directly and indirectly support the fund.”
Pointing out that “the core management of the fund remains unchanged”, the firm said the CommIF would continue to be led by portfolio manager Charles Savage, with the support of the co-heads of Australia and New Zealand, Michael Bessell and Michael Cummings.
A source familiar with the matter said those set to depart AMP Capital for Plenary had notice periods that allowed for “a smooth transition to the new team members”. AMP Capital continues to be committed to the CommIF, the source added.
Last week, AMP Limited announced it had appointed a new chief executive to lead AMP Capital, following an almost year-long search.
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