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AMP Capital names new investment director

AMP Capital names new investment director

2 minute read

The firm has also announced a promotion to the role of managing director of airports.

AMP Capital has named Dan Fitzpatrick as investment director within its aviation infrastructure asset management team.

Mr Fitzpatrick was previously corporate finance manager at North Queensland Airports, where he was responsible for long-term forecasting, shareholder and bank relationship management, and board reporting. 

He will take up his new role at AMP Capital on 15 August. The appointment comes after former investment director David Dowling was promoted to managing director of airports. 

“The promotion of David and appointment of Dan enables us, particularly in a post-Dexus acquisition world, to continue to drive sustainable and long-term value outcomes from the management of our existing airport infrastructure assets and future growth opportunities,” said AMP Capital global co-head of core infrastructure equity Michael Cummings.

In April, AMP announced it had agreed to sell its real estate and domestic infrastructure equity business to Dexus Funds Management for $250 million.

AMP Capital’s domestic airports team currently manages a 27.32 per cent investment in the parent entity of Melbourne Airport and Launceston Airport, Australia Pacific Airports Corporation, as well as a 50 per cent investment in Port Hedland International Airport.

The firm said that Mr Fitzpatrick would work alongside Mr Dowling on the airport portfolio’s asset management strategy, client relationship management and future transaction activity.

“Dan’s understanding of aviation as a previous strategy leader at Melbourne Airport, where he managed annual strategic planning and forecasting, shareholder relationship management and major customer negotiations underpins his sector credentials, and complements David’s exceptional portfolio management expertise,” said Mr Cummings.

Last month, investors in the $7.7 billion AMP Capital Wholesale Office Fund (AWOF) voted in favour of Mirvac replacing AMP Capital Investors as trustee and manager of the fund.

AMP said the decision would not affect the sale of its real estate and domestic infrastructure equity business to Dexus, which is anticipated to be completed by the end of September.

As part of the sale, AMP was set to receive up to an additional $300 million subject to assets under management retention over a nine-month period, but the maximum earnout payable fell to $75 million due to AWOF management rights not transitioning to Dexus.