12th Feb 2014 12:29
LONDON (Alliance News) - Private equity firm 3i Group PLC Wednesday unveiled a number of changes to the leadership of its infrastructure business, with Managing Partner Cressida Hogg set to leave at the end of March to pursue a "senior role" elsewhere.
In a statement, the FTSE 250 company said it will appoint Phil White, who has been with 3i since 2007, and current Group Strategy Director Ben Loomes as co-managing partners of the infrastructure business, 3i Investments PLC.
White, who will join the company's executive committee, will be responsible for management of the porfolio, with Loomes set to take on strategy development.
Also joining the executive committee will be Neil King, who will become senior partner.
Loomes already sits on the executive committee. He will continue in leading strategy at 3i but will step off 3i's board of directors.
"It is a key strategic objective of 3i Group to further grow and develop its Infrastructure business. In November last year, we announced the completion of our acquisition from Barclays of its European infrastructure fund management business," Simon Burrows, chief executive, said in a statement.
"This acquisition increased our assets under management by approximately GBP780 million to close to GBP2.4 billion and broadened the capabilities and expertise of our investment team, expanding its access to the growing PPP and energy project market across Europe," Burrows added.
He said the leadership changes will being "fresh impetus" to the business.
In a separate statement, 3i Infrastructure PLC, which is managed by 3i Group's 3i Investments PLC, said it is fully supportive of the changes, which it said will provide it with continuity in strategy and execution.
"The board has worked closely with Phil White and Neil King since 2007, and has built a strong relationship with them. They have been key to the company's strong performance since its IPO in 2007. Ben Loomes has been a member of the 3i Infrastructure Board for the past seven months and in this period has already made a valuable contribution," 3i Infrastructure Chairman Peter Sedgwick said in a statement.
3i Group owns 34.14% of 3i Infrastructure.
3i Group shares were Wednesday quoted at 395.10 pence, down 0.10 pence, or 0.03%, while 3i Infrastructure shares were quoted at 134.72 pence, down 1.58 pence, or 1.2%.
By Samuel Agini; [email protected]; @samuelagini
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