Julie-Anne Mizzi, global head of social care at AMP Capital, will join Plenary Group to lead a new Australian and New Zealand fund management arm at the infrastructure specialist.
The appointment comes as Plenary attempts to take over management of the A$8 billion (€5.1 billion) community infrastructure fund (CommIF) from AMP Capital, overseen by Mizzi.
Plenary CEO David Lamming said Mizzi would be tasked with creating and growing a boutique fund management business that would complement its existing investment and infrastructure management businesses. The company invests, develops and manages 71 public infrastructure assets worth more than A$44 billion in Australia, Canada and the United States.
“Our expansion into fund management is a natural evolution in the development and growth of our infrastructure business,” Lamming said. “This is a logical step in Plenary’s growth and maturity as Australia’s leading infrastructure investor, developer and manager, as we seek to become a full-service, diversified infrastructure company.
A spokesperson for AMP confirmed that the company had received an unsolicited proposal from Plenary for CommIF, adding: “The Accountable Entity’s Board of Directors has established an Independent Board Committee to ensure that the proposal is properly considered in the best interests of all investors.”
Plenary declined to comment on his approach to AMP Capital for the fund.
A source told IPE Real Assets that CommIF would be “a great addition” within the Plenary Group’s existing business and portfolio, and that it made sense for a specialist infrastructure investor, developer and manager like Plenary to manage the funds.
Mizzi is due to join the Plenary in September.
Michael Bessell and Michael Cummings, co-heads of infrastructure equities, Australia and New Zealand at AMP Capital, will take over part of Mizzi’s role in overseeing CommIF, while Charles Savage will continue as portfolio manager.