Argo Global Listed Infrastructure Limited (AGLI) will invest in a diversified portfolio of global listed infrastructure securities and global infrastructure fixed-income securities, a statement to the ASX said.
Argo chairman Ian Martin said the company will provide Argo with a “new, long-term income stream”.
“Given the growth in the Australian superannuation industry and increasing pool of investments held by self‐managed superannuation funds, we see the opportunity for Argo to expand its product offering and grow external funds under management,” Mr Martin said.
“AGLI will be differentiated from Argo, both in terms of asset class and geographic exposure.
“Global listed infrastructure is a growing asset sector with an investable universe over $3.9 trillion,” Mr Martin noted.
The AGLI portfolio will be “diversified by geography and infrastructure sub-sectors, including airports, water, pipelines, railways, ports, satellites, toll roads, telecommunications towers and electricity, gas and renewable energy utilities”, an Argo-issued statement said.
Infrastructure manager Cohen & Steers will actively manage the AGLI portfolio and act as sub-adviser; Argo managing director Jason Beddow said the firm was selected on the basis of its “cultural alignment with Argo”.
A prospectus for the AGLI listing will be lodged with ASIC in May 2015.
Local Government Super appoints director
First State Super CEO to retire
AMP chief risk officer for advice departs
Corporate governance and advocacy in China
The shifting LIC landscape
The perils of chasing niche infrastructure