Foresight expands into the US sub-advisory market
LEI: 213800NNT42FFIZB1T09
1 February 2023
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Foresight Capital Management ("FCM") expands into the US sub-advisory market
Foresight Group Holdings Limited ("Foresight", the "Group"), a leading infrastructure and private equity investment manager, is pleased to announce its appointment as sub-adviser to the Cromwell Foresight Global Sustainable Infrastructure Fund (the "Fund") which launched on 31 January 2023.
This US Mutual Fund is the result of a newly formed partnership between Foresight and Baltimore-based Cromwell Funds ("Cromwell") and builds upon the growing track record of Foresight's FCM division as a sub-adviser. This new mandate represents an expansion of the Group's geographic footprint into the attractive US asset management market.
The Fund will replicate FCM's existing global real infrastructure strategy, managed by the award winning FCM team. The UK and Luxembourg domiciled funds focusing on this strategy have raised gross inflows of £1.1 billion from investors since launch in June 2019. This success has been underpinned by FCM's sustainability-led, active and bottom ‑ up investment approach that draws on the wider Group ' s experience in investing in private markets and applies these skills and knowledge to investing in public markets. FCM's capabilities and experience, alongside the strong and well-established distribution capabilities of Cromwell, will provide US investors with an attractive entry into a portfolio focussed on sustainable energy transition infrastructure. The opportunity for the Fund and its investors is enhanced by the continued focus of global policies on decarbonisation, particularly the recent US Inflation Reduction Act.
For Foresight, the Fund provides a highly attractive and low cost route into the US, the largest asset management market globally. Foresight managed funds have seeded a cornerstone investment into the Fund, in line with FCM's previous UK fund launches, and t he proven quality of Cromwell's distribution capability will deliver access to the substantial US financial adviser channel to maximise the potential for future inflows.
Cromwell funds service the needs of US Financial Advisors nationwide, providing them with investment solutions. The Fund will benefit greatly from Cromwell's distribution and marketing channels, with access to a dedicated Cromwell Funds sales team as well as to over 70 existing broker-dealer agreements. These agreements provide distribution access to over 70,000 financial advisers in the US.
Bernard Fairman, Executive Chairman of Foresight Group Holdings Limited, commented:
"I am delighted to announce the launch of Foresight's new US Mutual Fund in partnership with Cromwell which further expands our geographic footprint and strengthens our already resilient and diversified business model.
The US market offers a significant opportunity for Foresight and over the next 12 months we will build both the scale of the Fund and the US profile of the Foresight brand. We believe that the growth opportunities in the US offer the potential in the long term to exceed FCM's current UK and European business."
Brian Nelson, President, Cromwell Investment Advisors, stated:
"We are delighted to have FCM join the Cromwell Funds and include their global infrastructure strategy in our product suite. This area of the market continues to receive increased interest by a wide range of investors. We look forward to introducing Foresight to the US marketplace and sharing FCM's high-quality investment approach with the financial advisor and institutional channels."
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Foresight Group Investors |
Citigate Dewe Rogerson |
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Liz Scorer |
Caroline Merrell / Toby Moore |
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+44 (0) 7966 966956 |
+44 (0) 7852 210329 / +44 (0) 7768 981763 |
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About Foresight Group Holdings Limited
Foresight Group was founded in 1984 and is a leading listed infrastructure and private equity investment manager. With a long-established focus on ESG and sustainability-led strategies, it aims to provide attractive returns to its institutional and private investors from hard-to-access private markets. Foresight manages over 350 infrastructure assets with a focus on solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets. Its private equity team manages eleven regionally focused investment funds across the UK and an SME impact fund supporting Irish SMEs. This team reviews over 2,500 business plans each year and currently supports more than 250 investments in SMEs. Foresight Capital Management manages four strategies across seven investment vehicles with an AUM of £1.4 billion.
Foresight operates in eight countries across Europe, Australia and United States with AUM of £12.3 billion*. Foresight Group Holdings Limited listed on the Main Market of the London Stock Exchange in February 2021. https://www.foresightgroup.eu/shareholders
*Based on Foresight Group unaudited AUM as at 31 December 2022.
Disclaimer - Forward-looking statements
This announcement, prepared by Foresight Group Holdings Limited (the "Company"), may contain forward-looking statements about the Company and its subsidiaries (the "Group"). Such forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "projects", "estimates", "plans", "anticipates", "targets", "aims", "continues", "expects", "intends", "hopes", "may", "will", "would", "could" or "should" or, in each case, their negative or other various or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which are beyond the Company's control and are based on the Company's beliefs and expectations about future events as of the date the statements are made. If the assumptions on which the Company bases its forward-looking statements change, actual results may differ from those expressed in such statements. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including those set out under "Principal Risks" in the Company's annual report for the financial year ended 31 March 2022. The annual report can be found on the Company's website (https://www.foresightgroup.eu/). Forward-looking statements speak only as of the date they are made. Except as required by applicable law and regulation, the Company undertakes no obligation to update these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.
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