H. R. L. Morrison & Co

Last updated

H.R.L. Morrison & Co
Private company
Industry Investment management
Founded 8 August 1988 (1988-08-08)
Headquarters Wellington , New Zealand
Key people

Rob Morrison, Chairman
Marko Bogoievski, CEO

Paul Newfield, CIO
Anthony Muh, CEO Asia
Kevin Baker, CFO
Website [www.hrlmorrison.com]

H.R.L. Morrison & Co is a specialist alternative asset manager focusing primarily on infrastructure, private equity and property investment with offices in New Zealand, Australia and Hong Kong.

Contents

History

Morrison & Co was founded in 1988 by H. R. Lloyd Morrison offering a broad range of investment advisory services across sectors. In the early 1990s Morrison & Co narrowed its focus to infrastructure investment and advisory services as major privatizations took place in Australia and New Zealand. Morrison & Co was an active investor and adviser in privatisations of Australasian airports, ports and energy businesses.

Business summary

Infratil

Morrison & Co launched Infratil, one of the world's first listed infrastructure funds in 1994. Infratil (NZX : IFT) is listed on both the New Zealand Exchange and Australian Securities Exchange and was named Deloitte/Management Magazine Company of the Year in 2007. [1] Infratil's major investments include TrustPower, Wellington Airport, NZ Bus RetireAustralia and Canberra Data Centres. Infratil pays Morrison & Co a management fee that is tied to the total value of assets under management. Since its founding in 1994 through 31 March 2015, Infratil has delivered average annual returns of 18%. [2]

Infratil Australia Limited

Morrison & Co also managed Infratil Australia Limited from its founding in 1994 until 31 July 2000 when the fund was subject to a takeover by the Australian Infrastructure Fund. [3] Prior to the takeover, Infratil Australia Limited owned stakes in Perth Airport, Darwin International Airport, Alice Springs Airport Territories Airports, Southern Hydro, and Port of Portland in Australia (Portland, Victoria).

New Zealand Superannuation Fund

Morrison & Co was appointed to manage a global infrastructure mandate by the New Zealand Superannuation Fund in March 2006. [4]

The Morrison & Co Public Infrastructure Partnership Fund

In 2009, Morrison & Co launched of the Public Infrastructure Partnership Fund (PIP Fund), New Zealand's first fund dedicated to investing in PPPs. The New Zealand Superannuation Fund is the cornerstone investor in the PIP Fund and Morrison & Co secured capital commitments from a number of New Zealand-based community trusts and institutional investors. The PIP Fund has investment capacity to deliver around NZ$1 billion of social infrastructure under PPP structures. The New Zealand Social Infrastructure Fund was established in 2010 to enable private investors to participate in the PIP Fund. [5]

On 10 December 2015 Morrison & Co announced first financial close of PIP II a follow on Fund to the original PIP again focused on investing in NZ PPP's. The first PIP fund is fully invested in Hobsonville Point Primary and Secondary Schools, Melbourne Convention Centre PPP, Bendigo Hospital key health worker accommodation, University of Wollongong Student Accommodation, NZ Schools II PPP (four schools in Auckland, Canterbury and Queenstown)and Auckland Prison PPP.

Other

In November 2008, Morrison & Co acquired a 26% stake in Fisher Funds, a boutique New Zealand based retail funds manager. This holding is 4.45% according to 2016 NZ Companies Office filings. [6]

Other activities

In March 2008 Morrison & Co launched a campaign to set a common goal for New Zealand, called "A measurable goal". [7] This effort was in part motivated by forecasts showing New Zealand's current economic growth trajectory would see its GDP per capita ranking among countries falling to 47th. In 1950 New Zealand was ranked in the top 10.

References

  1. "Deloitte/Management Magazine Company of the Year" (PDF). New Zealand Management. December 2007. Archived from the original (PDF) on 14 October 2008. Retrieved 29 June 2009.
  2. "Infratil Annual Report" (PDF). www.infratil.com. 23 December 2015. Retrieved 2015-12-23.
  3. "AIF Moves to Compulsory Acquisition & Delisting of Infratil". ASX. 31 July 2000. Retrieved 2009-06-29.
  4. "Morrison & Co to Manage Infrastructure Mandate (21 March)". New Zealand Superannuation Fund. 21 June 2006. Retrieved 2009-06-29.
  5. "Craigs and Morrison & Co to launch new fund". Fairfax Media. 3 November 2009. Retrieved 2010-06-29.
  6. "Morrison & Co buy into Fisher Funds". Stuff.co.nz. 14 November 2008. Retrieved 2009-06-29.
  7. "NZ 'slipping behind Botswana and Borat'". Stuff.co.nz. 11 March 2008. Retrieved 2009-06-29.