Founded on the 8th of August 1988 as an adviser to investors contemplating Australasian infrastructure asset privatisations, Morrison & Co transformed itself to an investment manager in 1994 with the launch of "Infratil", one of the world's first listed infrastructure funds. Today Morrison & Co manages multiple mandates with total consolidated assets under management of US$5 billion.
Morrison & Co is set apart by a management style that integrates deep industry specialisation with financial and transactional expertise.
Infratil, Morrison & Co's flagship fund, was founded and publicly listed by Morrison & Co in 1994 as a vehicle offering retail New Zealand investors access to infrastructure investment. Morrison & Co staff act as the Infratil group executive team providing all corporate functions including group level strategy, finance and investor relations. Our sector and financial experts are actively engaged directors of Infratil subsidiaries.
Infratil's consolidated assets amount to over NZ$4 billion and its businesses employ more than 4,000 people around the world. During Morrison & Co's 19 years of management, Infratil has delivered a 18% post-tax return to its shareholders, and was named the 'New Zealand Company of the Year 2007' by Deloitte / Management Magazine. Infratil businesses include airports, energy generation, energy retail and public transport.
The New Zealand Superannuation Fund was established by the New Zealand Government in 2003 in an effort to smooth the tax burden arising from rising costs of superannuation. New Zealand provides universal retirement income to individuals over 65 and funds these payments from general tax revenue. The Fund is expected to grow to over NZ$100 billion by 2030. Morrison & Co was selected to manage a global infrastructure investment mandate in 2006. The economic exposure to infrastructure is about 9% of the Fund.
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. As manager of the PIP Fund, Morrison & Co works with central, regional and local government agencies, identifying opportunities to form partnerships to develop social infrastructure such as educational and healthcare facilities and student accommodation. These investments are typically structured as long-term concession arrangements under which the Morrison &Co PIP Fund will finance, build and maintain assets, then transfer them to public ownership at the conclusion of a 25-35 year period.
The New Zealand Superannuation Fund is the cornerstone investor in the PIP Fund and Morrison & Co has secured capital commitments from a number of New Zealand based community trusts and institutional investors. In addition, the New Zealand Social Infrastructure Fund was established in 2010 to enable private investors to participate in the PIP Fund. In total, the PIP Fund has investment capacity to deliver around NZ$1 billion of social infrastructure under PPP structures.
Morrison & Co businesses
Established in 2006, the Greenfield Group is a joint venture between Morrison & Co and industry specialists that develops and manages investment funds targeting the agribusiness sector. The group's first fund, the Greenfield Rural Opportunities Fund, closed in 2007 and has focused on the acquisition and development of pastoral farmlands in New Zealand. Additional funds across the agribusiness sector in New Zealand and Australia are under development.
Strategic shareholder in Fisher Funds
Fisher Funds is a closely held New Zealand based retail fund manager with NZ$750 million under management. In 2008 Morrison & Co acquired a 26% shareholding in Fisher Funds, establishing a strategic partnership between the two firms. Fisher Funds operates retail funds and is the manager of Kingfish, Barramundi and Marlin all listed on the NZX.