H. R. L. Morrison & Co

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, United Kingdom, United States and Hong Kong.

H.R.L. Morrison & Co
TypePrivate company
IndustryInvestment management
Founded8 August 1988 (1988-08-08)
Headquarters
Wellington
,
New Zealand
Key people
Rob Morrison, Chairman
Marko Bogoievski, CEO
Paul Newfield, Head of Australia NZ
William Smales, Head of United States
Jason Boyes, Head of Europe
Websitehttps://www.hrlmorrison.com/

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, Vodafone New Zealand RetireAustralia and CDC 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 2019, Infratil has delivered average annual returns of 17.5%.[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).

Utilities Trust of Australia

In July 2018 Morrison & Co took over management of Utilities Trust of Australia (UTA) and its A$6bn portfolio of core infrastructure assets. UTA was established in 1994 and is one of Australia's first infrastructure investment funds. UTA has a globally diversified portfolio of quality assets and a track record of delivering strong returns with low volatility over time.[4]

New Zealand Superannuation Fund

Morrison & Co was appointed to manage a global infrastructure mandate by the New Zealand Superannuation Fund in March 2006.[5]

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.[6]

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 May 2019, Morrison & Co purchased agriculture business Sundrop Farms for an undisclosed sum.[7]

Other activities

In March 2008 Morrison & Co launched a campaign to set a common goal for New Zealand, called "A measurable goal".[8] 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". infratil.com. 20 May 2019. Retrieved 10 December 2019.
  3. "AIF Moves to Compulsory Acquisition & Delisting of Infratil". ASX. 31 July 2000. Retrieved 29 June 2009.
  4. "About UTA | UTA". www.uta.com.au. Retrieved 31 August 2019.
  5. "Morrison & Co to Manage Infrastructure Mandate (21 March)". New Zealand Superannuation Fund. 21 June 2006. Retrieved 29 June 2009.
  6. "Craigs and Morrison & Co to launch new fund". Fairfax Media. 3 November 2009. Retrieved 29 June 2010.
  7. "Futuristic renewable-energy agribusiness Sundrop Farms sells to trans-Tasman investment firm". abc.net.au. 14 May 2019. Retrieved 10 August 2019.
  8. "NZ 'slipping behind Botswana and Borat'". Stuff.co.nz. 11 March 2008. Retrieved 29 June 2009.
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