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TIF to part ways with HFM
Hastings Funds Management will be transitioned out of its role as the portfolio manager of The Infrastructure Fund (TIF).
The fund announced today that the decision to transition Hastings out of the role had followed an Extraordinary Unitholder Meeting at which an “overwhelming majority” of Unitholders had voted to remove Hastings Funds Management as TIF's portfolio manager.
The trustee for TIF is Gardior and the chairman of Gardior, Bob Lette said that after an extensive review of its operations, the Gardior Board had formed the view that the best way to lower costs, increase returns and improve alignment between TIF management and unitholders was to redesign and renegotiate its asset management services.
"I am excited by the overwhelming support of unitholders for our plans to develop a new model of asset management that will give our investors more visibility of, and more influence over, the management and the future direction of TIF,” he said.
"A lot has changed in the infrastructure investment space since TIF was formed in 1998, but one thing that hasn't changed is the need to deliver consistent, above benchmark returns and high levels of transparency to our investors,” Lette said. “Despite our excellent track record, as TIF approaches its 20th anniversary we are determined not to rest on our laurels.”
He said that while today's vote would have no immediate impact on the day to day operation of the assets, it would have a big impact on the ability of TIF to increase not just its portfolio diversification, but its performance and its alignment with investors.
"Over the next 12 months TIF will manage an orderly transition from Hastings. We will continue to consult with our unitholders in implementing the next stages of our strategic review and announce our new business model well before the completion of the 12-month transition from Hastings,” Lete said.
TIF owns interests in Australian assets, such as Australian Registry Investments, North Queensland Airport, Port of Newcastle, Ballarat Water, New Royal Adelaide Hospital, and Queensland Airports Ltd, as well as overseas rolling stock, transport and gas infrastructure.
TIF investors include industry superannuation funds representing nearly two million members, as well as other institutional investors such as insurance companies, family offices and statutory funds together with offshore investors.
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