H. R. L. Morrison & Co
Encyclopedia
H.R.L. Morrison & Co is a specialist investment manager focusing primarily on infrastructure assets with offices in New Zealand
, Australia
and Hong Kong
.
offering a broad range of investment advisory services across sectors. In the early 1990s Morrison & Co narrowed its focus to infrastructure investment and advisory services as major privatization
s took place in Australia and New Zealand. Morrison & Co was an active investor and adviser in privatizations of Australasian airports, ports and energy businesses.
, one of the world's first listed infrastructure funds in 1994. Infratil is listed on both the New Zealand Exchange and Australian Securities Exchange
and was named Deloitte/Management Magazine Company of the Year in 2007. Infratil's major investments include Z Energy, TrustPower
, Wellington Airport, Glasgow Prestwick Airport, Kent International Airport
, NZ Bus, and Lumo Energy. Infratil pays Morrison & Co a management fee that is tied to the total value of assets under management. Since its founding in 1994 through 31 March 2011, Infratil has delivered average annual returns of 18%.
, Darwin International Airport
, Alice Springs Airport
Territories Airports, Southern Hydro, and Port of Portland in Australia (Portland, Victoria
).
in March 2006. Morrison & Co manages a 7.45% stake in Auckland Airport on behalf of the New Zealand Superannuation Fund.
The New Zealand Superannuation Fund
is the cornerstone investor in the PIP Fund and Morrison & Co secured capital commitments from a number of New Zealand based community trusts and institutional investors. The PIP Fund has investment capacity to deliver around NZ$1 billion of social infrastructure under PPP structures. The New Zealand Social Infrastructure Fund was established in 2010 to enable private investors to participate in the PIP Fund.
Morrison & Co is also a joint venture partner in a New Zealand based agriculture investment manager called Greenfield.
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
and Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
.
History
Morrison & Co was founded in 1988 by H. R. Lloyd MorrisonLloyd Morrison
Hugh Richmond "Lloyd" Morrison, CNZM is a Wellington, New Zealand-based investment banker and entrepreneur. He founded H.R.L...
offering a broad range of investment advisory services across sectors. In the early 1990s Morrison & Co narrowed its focus to infrastructure investment and advisory services as major privatization
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...
s took place in Australia and New Zealand. Morrison & Co was an active investor and adviser in privatizations of Australasian airports, ports and energy businesses.
Infratil
Morrison & Co launched InfratilInfratil
Infratil Limited is a New Zealand-based infrastructure investment company. It owns several airports, electricity generators and retailers, and a public transport business, with operations in New Zealand, Australia and Europe. Infratil was founded by Lloyd Morrison, a Wellington-based merchant...
, one of the world's first listed infrastructure funds in 1994. Infratil is listed on both the New Zealand Exchange and Australian Securities Exchange
ASX
ASX may refer to:* Australian Securities Exchange, the primary stock exchange of Australia* Advanced Stream Redirector, a computer file format listing Windows Media files * Armstrong Siddeley ASX, a British experimental turbojet* John F...
and was named Deloitte/Management Magazine Company of the Year in 2007. Infratil's major investments include Z Energy, TrustPower
TrustPower
TrustPower Limited is a New Zealand electricity generation and electricity retailing company, listed on the New Zealand stock exchange.TrustPower is New Zealand's fifth largest electricity generator and the fourth largest electricity retailer , serving 260,000 customers throughout New Zealand...
, Wellington Airport, Glasgow Prestwick Airport, Kent International Airport
Kent International Airport
Manston - Kent's International Airport is an airport located at Manston in the District of Thanet within Kent, England, northeast of Canterbury. It was formerly called RAF Manston , and was also known as London Manston Airport...
, NZ Bus, and Lumo Energy. Infratil pays Morrison & Co a management fee that is tied to the total value of assets under management. Since its founding in 1994 through 31 March 2011, Infratil has delivered average annual returns of 18%.
Infratil Australia Limited
Morrison & Co also managed Infratil Australia Limited from its founding in 1994 until 31 July 2000 when the fund was subject to a takeover by the Australian Infrastructure Fund. Prior to the takeover, Infratil Australia Limited owned stakes in Perth AirportPerth Airport
Perth Airport is an Australian domestic and international airport serving Perth, the capital and largest city of Western Australia. The airport itself is located in the suburb of Perth Airport....
, Darwin International Airport
Darwin International Airport
Darwin International Airport is the busiest airport serving the Northern Territory and the tenth busiest airport in Australia. It is the only airport serving Darwin....
, Alice Springs Airport
Alice Springs Airport
Alice Springs Airport is a small regional airport 14 kilometres south of Alice Springs in the Northern Territory of Australia.The airport has two runways, the largest of which can accommodate a Boeing 747 or 777 landing...
Territories Airports, Southern Hydro, and Port of Portland in Australia (Portland, Victoria
Portland, Victoria
The city of Portland is the oldest European settlement in what is now the state of Victoria, Australia. It is the main urban centre of the Shire of Glenelg. It is located on Portland Bay.-History:...
).
New Zealand Superannuation Fund
Morrison & Co was appointed to manage a global infrastructure mandate by the New Zealand Superannuation FundNew Zealand Superannuation Fund
The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to...
in March 2006. Morrison & Co manages a 7.45% stake in Auckland Airport on behalf of the New Zealand Superannuation Fund.
The Morrison & Co Public Infrastructure Partnership Fund
In 2009, Morrison & Co launched of the Public Infrastructure Partnership Fund (PIP Fund), New Zealand's first fund dedicated to investing in PPPs.The New Zealand Superannuation Fund
New Zealand Superannuation Fund
The New Zealand Superannuation Fund is a sovereign wealth fund in New Zealand. New Zealand currently provides universal superannuation for people over 65 years of age and the purpose of the Fund is to partially pre-fund the future cost of the New Zealand Superannuation pension, which is expected to...
is the cornerstone investor in the PIP Fund and Morrison & Co secured capital commitments from a number of New Zealand based community trusts and institutional investors. The PIP Fund has investment capacity to deliver around NZ$1 billion of social infrastructure under PPP structures. The New Zealand Social Infrastructure Fund was established in 2010 to enable private investors to participate in the PIP Fund.
Other
In November 2008, Morrison & Co acquired a 26% stake in Fisher Funds, a boutique New Zealand based retail funds manager. Morrison & Co is the investment manager for the retail investor focused "Fisher Morrison Infrastructure Fund".Morrison & Co is also a joint venture partner in a New Zealand based agriculture investment manager called Greenfield.