Bernardo Sottomayor, a managing director at Deutsche Bank’s RREEF Infrastructure, has become the latest team member to follow in the footsteps of global head of infrastructure John McCarthy and make for the exit.
Sottomayor, who had been at RREEF since the summer of 2006, has joined French infrastructure fund manager Antin Infrastructure Partners as a partner. He is understood to be on gardening leave and will start his job at Antin in April.
Prior to joining RREEF, Sottomayor was a director at Citigroup, in London, where he worked in mergers and acquisitions (M&A) in the utilities space. He was also head of M&A at Portuguese energy group EDP, in Lisbon.
RREEF Infrastructure, part of Deutsche Asset & Wealth Management, recently announced a change at the top following McCarthy’s departure. Hamish Mackenzie is now head of infrastructure Europe and infrastructure debt with Nadir Maruf handed responsibility for the infrastructure business in Asia.
The two men, who have been with RREEF Infrastructure as managing directors since 2005 to 2006, are now effectively the co-heads of the infrastructure business.
RREEF Infrastructure manages a €2.1 billion infrastructure fund, but saw its second fundraising torpedoed by a strategic review that, at one point, almost saw RREEF sold to US asset manager Guggenheim Partners.
The infrastructure team had managed to reach a first close on €620 million for its second fund, which was targeting between €2 billion and €3 billion. But after the collapse of the sales process to Guggenheim, Fund II’s limited partners asked for the money back, allegedly citing a misalignment of interests.
It is not yet known when or if RREEF expects to re-launch fundraising for a second infrastructure fund. Market sources also suggest that McCarthy and Sottomayor’s departures will not be the last personnel changes at RREEF Infrastructure.
Infrastructure Investor tried to contact Deutsche Bank yesterday for comment on RREEF Infrastructure, but has yet to receive a reply.