CFS awards $370m mandate

Colonial First State (CFS) awarded a $370 million mandate to New Zealand-based infrastructure manager Morrison to tap its global private markets strategy.

CFS has already made commitments to Morrison's value-add strategy across fund and discretionary co-investments. These investments included Polaris, Morrison's Asia Pacific cold storage platform it acquired in February via a takeover of SuperFreeze Singapore and US pharmacy logistics platform Fillex.

Founded in 1988 by Lloyd Morrison, the fund manager's assets have grown to US$30 billion, investing in infrastructure across North America, Europe and Asia Pacific. It targets sectors that include digital infrastructure, the energy transition and transport and logistics.

"This partnership with Morrison aligns with our objective of building a resilient, diversified infrastructure portfolio. It reflects our continued focus on high-quality, actively managed investments that deliver strong risk-adjusted returns for our members," said CFS chief investment officer Jonathan Armitage.

Morrison is the manager of Utilities Trust of Australia (UTA), which acquired an additional 60% stake from Ontario Teachers' Pension Plan to take full ownership of Sydney Desalination Plant, last December. UTA and Ontario Teachers' have co-owned the asset since 2012.

Across the globe, Morrison is expanding in UK and Europe. It recently appointed Gianfranco Saladino as executive director for Europe where he works with the UK and Europe investment teams to originate, execute and manage infrastructure investments.

Commenting on winning the CFS mandate, Morrison chief executive Paul Newfield said: "We appreciate Colonial First State's commitment to Morrison's value-add infrastructure capabilities, which reflects the growing demand we're seeing globally for high-quality, mid-market infrastructure investments."

J.P. Morgan Asset Management (JPMAM) won emerging markets and global shares mandates from CFS last year.

"Their strategies provide access to high-conviction stock ideas supported by extensive on-the-ground insights and a robust global research platform. This appointment aligns with our commitment to delivering strong, risk-aware outcomes for our members," Armitage said at the time.