Fiera Infrastructure has taken over the infrastructure business of AssetCo, as the UK asset and wealth manager exits the asset class to focus on active equities.
AssetCo said the role of investment adviser to the River and Mercantile Infrastructure Income Fund has been transferred from River and Mercantile Infrastructure (RMI) to Fiera Infrastructure, a C$4bn (€2.7bn) global mid-market direct infrastructure manager invested in more than 90 infrastructure assets across telecommunications, renewables, transportation, and public-private partnerships.
As part of the transaction, the River and Mercantile Infrastructure Income Fund will be renamed Digital Infrastructure Capital Partners.
Alina Osorio, president of Fiera Infrastructure, said: “With a track record of creating long-term value for our investors across a highly diverse infrastructure portfolio, we are well positioned to take forward the fund and its assets. We are grateful that we have been entrusted with this important mandate, and we look forward to partnering closely with the fund’s investors as we embark on this next chapter with Digital Infrastructure Capital Partners.”
The partners and staff of RMI have established a new business outside the AssetCo Group.
Martin Gilbert, executive chair of AssetCo, said: “We are pleased to have reached a conclusion for our exit from the infrastructure asset management business that will deliver the best outcome for the fund’s clients while allowing AssetCo to focus on building its active-equities business.”
AssetCo is currently focused on its listed equity business but it also holds a significant stake in a digital wealth management platform.
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