Strategic Transaction of Investment Adviser
Strategic Transaction of Investment Adviser with Boyd Watterson
30 May 2024
~ Strategic combination creates a leading global alternatives investment platform with AUM in excess of approximately $35 billion ~
The Board of Directors (the Board) of International Public Partnerships Limited (the Company and/or INPP) is pleased to be informed by Amber Fund Management Limited (AFML or the Investment Adviser) that, through a strategic transaction, its parent Amber Infrastructure Group (Amber) will combine with Boyd Watterson Asset Management (Boyd Watterson), a leading real estate and fixed income investment manager in the United States. This remains subject to Financial Conduct Authority and other approvals.
The Company believes that this is a positive transaction with a highly credible and well-established real assets investor with strong links to the public sector in the United States.
Hunt Companies, Inc, (Hunt) which is a common investor in the Investment Advisor and Boyd Watterson, will continue to be an investor in the combined entity and no shareholders will exit as a result of the merger. The existing Amber team will continue to lead on (i) all infrastructure investment funds, (ii) investment recommendations and advice for those mandates, and (iii) the day-to-day operations for the infrastructure business. In addition, the Investment Adviser group will continue to hold its c.8 million shares interest in the Company.
As part of this transaction, the Company will be granted a further 'first look' over investment opportunities sourced by Boyd Watterson in the United States which meet the Company's investment criteria. This agreement is on the same terms to the Company's existing agreements with AFML and Hunt that provide that both AFML and Hunt (through AFML) present the Company details of opportunities (including those which it disposes of itself) which are consistent with the Company's current investment portfolio (principally regulated or contracted government-backed infrastructure investments similar to those owned by the Company already).
Commenting on the announcement, Chairman of INPP, Mike Gerrard said: "We are pleased to see Amber continue to grow its capability as investment manager of INPP's international portfolio of infrastructure assets. INPP will also benefit from the widened right of first refusal for new investment opportunities which arises from this merger."
Commenting on the announcement, Chief Executive of Amber Gavin Tait said: "We are excited to combine with Boyd Watterson to form a significant diversified investment platform. Boyd and Amber have a keen focus on delivering outstanding client service and proven expertise in partnering with governments around the world. This merger will create new opportunities for Amber to build upon our existing global presence while bringing new opportunities for Boyd Watterson's clients."
About Boyd Watterson
Founded in 1928 by its predecessor firm, Boyd Watterson Asset Management, LLC (Boyd) is a leading real estate and fixed income investment manager. Headquartered in Cleveland, Ohio, Boyd employs 130 employees in seven offices across the US. Boyd manages c.US$18.2bn of AUM, through separately managed accounts and a number of funds with real estate and fixed income strategies. www.boydwatterson.com
About Amber Infrastructure Group
Amber is a specialist international investment manager, focused on investment origination, asset management and fund management. Amber currently manages or advises 9 funds (2 listed and 7 private) with over £ 5billion (c.$6 billion) in funds under management. With a presence across 12 countries, Amber manages 175 infrastructure investments representing total assets under management of £14 billion (c.$17.5 billion). Amber's core business focuses on managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors internationally. Amber is headquartered in London with offices in Europe, North America, Australia and New Zealand. Amber employs over 180 professionals globally. www.amberinfrastructure.com
About Hunt Companies
Hunt Companies is a family-owned principal investment firm founded in 1947 based in El Paso, TX with interests in the real estate, infrastructure and financial services sectors. As an owner operator with a strong investment platform and financial structuring expertise, Hunt develops lasting relationships to create value for its investors, clients, employees and communities. The company and its affiliates are committed to promoting community growth and a sustainable future through our business practices, purpose driven investment and charitable giving. www.huntcompanies.com
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