A J.P. Morgan spokesperson has confirmed to Infrastructure Investor that Mark Weisdorf, who set up the bank’s $10 billion infrastructure platform – J.P. Morgan Infrastructure Investments Group – left “earlier this month to pursue other opportunities”.
The spokesperson noted that Weisdorf “was instrumental in designing and developing J.P. Morgan’s infrastructure strategies that we continue to offer to our clients today, and he was the first employee of the infrastructure group when it was established in 2006”.
The New York-based infrastructure group has undergone a transition over the last couple of years. Paul Ryan, the former co-head of public finance banking in J.P. Morgan’s investment banking business, was handed the newly created position of chief executive of OECD infrastructure equity and debt – reporting to Joe Azelby, head of J.P. Morgan Asset Management global real assets – in March last year.
Ryan was appointed to oversee both the OECD infrastructure equity team headed by Weisdorf as well as the infrastructure debt strategy headed by Bob Dewing. Four months after Ryan’s appointment, in July last year, Matt LeBlanc was hired from fund manager ArcLight Capital Partners as chief investment officer for OECD infrastructure equity.
Weisdorf has, over the years, been an enthusiastic promoter of the asset class. In a keynote interview with Infrastructure Investor in October 2011, he predicted that, in the US and Europe, increasing appetite for infrastructure would mean the gap between infrastructure and real estate allocations would close within the following 10 to 15 years.
Describing infrastructure as the “Holy Grail for institutional investors”, he said: “Institutions thought they only had equities and fixed income for low correlation of returns to each other. Now they are beginning to appreciate that they have infrastructure as well, and that means infrastructure should become a very large part of institutional portfolios.”
Prior to joining J.P. Morgan, Weisdorf – a Canadian national – was instrumental in the launch of the private markets group at the Canada Pension Plan Investment Board (CPPIB). He spent three years there until 2003 as vice president, private market investments. He had previously worked for HSBC Securities, CIBC World Markets, Merrill Lynch Canada and Deloitte & Touche.
Weisdorf was unreachable for comment at the time of publication.