Morrison & Co, the investment manager best known as the manager of $5 billion infrastructure fund Infratil, has announced that Paul Newfield will become its new chief executive in January, the third leader in its 33-year history.
Newfield, a New Zealander who has spent most of the past decade based in Sydney, replaces Marko Bogoievski, who is stepping down at the end of the year after 13 years.
Currently Morrison & Co's head of Australia and New Zealand, Newfield joined the Wellington-headquartered investment manager in 2008.
Rob Morrison, Morrison & Co's chairman and brother of its founder Lloyd Morrison, said Newfield has developed into an "excellent leader and a highly successful investment professional. We are confident he will grow and evolve the firm as it expands further into offshore markets, delivering superior returns for investors looking for exposure to global infrastructure opportunities".
Morrison said Bogoievski's 13 years of "outstanding leadership" had provided exceptional returns for the investment manager and its investors.
"The hallmark of his strategy was the early recognition of emerging infrastructure themes, and the conviction to invest in ideas that matter. He built an impressive leadership team and has established the business as a global infrastructure investment manager growing funds under management from NZ$2.1 billion in 2009 to NZ$21.5 billion today.
"After 33 years and just two CEOs, it is timely for a new leader to take the helm, bringing a new perspective to that role while preserving the purpose-driven, high-performance culture, which has been a hallmark of Morrison & Co."
Newfield has led Morrison & Co's expansion into Australia "personally overseeing investments into sectors including renewable energy and healthcare services", the company said in a statement.
He said his goal was to elevate Morrison & Co to become the leading global infrastructure investment manager.
"Under Marko's leadership, we've established teams in London, New York and Hong Kong, building from our strong foundations in Australasia. My focus will be on growing this global platform further to deliver outstanding investment opportunities for our clients.
"Since setting up in Sydney in 2010, we've made a number of great investments for existing clients such as Infratil, and attracted over NZ$10 billion of new capital from Australian institutional investors. Our success in Australia is the blueprint for our global strategy. We'll carefully blend our Morrison & Co DNA with the best local talent in new regions and we'll focus on sectors where we have world-leading expertise, like renewable energy and digital infrastructure."
Bogoievski, who came to Morrison & Co after a senior role at Telecom (which later split into Spark and Chorus), will continue to have a role with the organisation. At the start of the year he also stepped down as chief executive of Infratil, replaced by Jason Boyes.
"Together with the board, I have been working to ensure a smooth leadership transition since last year," Bogoievski said in a statement.
"I will continue as operating partner, providing guidance for investments in telecommunications and digital infrastructure. The board has also asked me to continue on the boards of Vodafone NZ and Telstra InfraCo Towers. Alongside these roles, I will be pursuing my own personal investment interests."