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.

New Zealand Country in Oceania

New Zealand is a sovereign island country in the southwestern Pacific Ocean. The country geographically comprises two main landmasses—the North Island, and the South Island —and around 600 smaller islands. New Zealand is situated some 2,000 kilometres (1,200 mi) east of Australia across the Tasman Sea and roughly 1,000 kilometres (600 mi) south of the Pacific island areas of New Caledonia, Fiji, and Tonga. Because of its remoteness, it was one of the last lands to be settled by humans. During its long period of isolation, New Zealand developed a distinct biodiversity of animal, fungal, and plant life. The country's varied topography and its sharp mountain peaks, such as the Southern Alps, owe much to the tectonic uplift of land and volcanic eruptions. New Zealand's capital city is Wellington, while its most populous city is Auckland.

Australia Country in Oceania

Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands. It is the largest country in Oceania and the world's sixth-largest country by total area. The neighbouring countries are Papua New Guinea, Indonesia and East Timor to the north; the Solomon Islands and Vanuatu to the north-east; and New Zealand to the south-east. The population of 25 million is highly urbanised and heavily concentrated on the eastern seaboard. Australia's capital is Canberra, and its largest city is Sydney. The country's other major metropolitan areas are Melbourne, Brisbane, Perth and Adelaide.

Hong Kong East Asian city

Hong Kong, officially the Hong Kong Special Administrative Region of the People's Republic of China and commonly abbreviated as HK, is a special administrative region on the eastern side of the Pearl River estuary in southern China. With over 7.4 million people of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is the world's fourth most densely populated region.

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.

Lloyd Morrison New Zealand banker

Hugh Richmond Lloyd Morrison was a Wellington, New Zealand-based investment banker and entrepreneur. He founded H.R.L. Morrison & Co in 1988, and Morrison & Co launched the infrastructure company Infratil in 1994.

Privatization can mean different things including moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when a heavily regulated private company or industry becomes less regulated. Government functions and services may also be privatized; in this case, private entities are tasked with the implementation of government programs or performance of government services that had previously been the purview of state-run agencies. Some examples include revenue collection, law enforcement, and prison management.

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 Limited is a New Zealand-based infrastructure investment company. It owns airports, electricity generators and retailers, and a public transport business, with operations in New Zealand and Australia. Infratil was founded by the late Lloyd Morrison, a Wellington-based merchant banker. Morrison's company, H. R. L. Morrison & Co, is responsible for Infratil's management and administration.

NZX is at its core a markets business operating equity, debt, derivatives and energy markets. To support the development of its core markets, they provide trading, clearing, settlement, depository and data services. To ensure they are well connected to New Zealand investors, NZX owns Smartshares, New Zealand's only issuer of Exchange Traded Funds, and KiwiSaver provider Superlife.

Australian Securities Exchange Primary securities exchange located in Sydney, Australia

The Australian Securities Exchange is Australia's primary securities exchange. It is owned by the Australian Securities Exchange Ltd, or ASX Limited, an Australian public company. Prior to December 2006 it was known as the Australian Stock Exchange, which was formed on 1 April 1987, incorporated under legislation of the Australian Parliament as an amalgamation of the six state securities exchanges. It merged with the Sydney Futures Exchange in 2006.

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).

Perth Airport domestic and international airport in Perth, Western Australia

Perth Airport is a domestic and international airport serving Perth, the capital and largest city of Western Australia. It is the fourth busiest airport in Australia measured by passenger movements and falls within the boundaries of the City of Belmont, City of Kalamunda and the City of Swan. Perth Airport and Jandakot Airport, the other civilian airport within the Perth metropolitan area, recorded a combined total of 362,782 aircraft movements in 2017. If these two metropolitan airports were to be combined into a single airport it would be the busiest airport in Australia measured by aircraft movements.

Darwin International Airport international airport serving Darwin, Australia

Darwin International Airport is the busiest airport serving the Northern Territory and the tenth busiest airport in Australia. It is the only airport serving Darwin.

Alice Springs Airport airport serving Alice Springs, Australia

Alice Springs Airport is an Australian regional airport 7 nautical miles south of Alice Springs, Northern Territory. The airport was notably involved in Australia's first domestic airline hijacking, and later a suicide attack by a former airline employee which claimed the lives of four others.

New Zealand Superannuation Fund

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

New Zealand Superannuation Fund

The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to increase as a result of New Zealand's ageing population. The fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds.

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.

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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.