The RARE Infrastructure team is comprised of eight highly experienced specialist global infrastructure investment managers with a combined 70+ years of experience in global infrastructure and 40+ years in funds management.
Led by founders and Senior Portfolio Managers, Richard Elmslie and Nick Langley, our team has a broad skillset developed from many years in infrastructure funds management, research and corporate advisory roles while living and working in both the Australian and international markets.
We work together to identify, research and analyse new infrastructure investment opportunities while closely monitoring RARE’s managed funds and segregated institutional accounts.
Our people’s breadth of experience and knowledge is a significant point of difference and is a major factor in our investment management company’s ongoing success. Our team’s long-term commitment to RARE provides peace of mind for our clients.
| RARE’s Investment Committees for the RARE Strategies | ||
| Value Strategy | Emerging Markets Strategy | Real Asset Strategy |
| Richard Elmslie | Richard Elmslie | Richard Elmslie |
| Nick Langley | Nick Langley | Nick Langley |
| Charles Hamieh | Rod Chisholm | |
Richard Elmslie – RARE Director & Senior Portfolio Manager
Richard Elmslie has 25 years of experience in investment banking and corporate advisory roles, including 20 years in global infrastructure. He has worked for numerous infrastructure companies in Australia, New Zealand, the UK, US, Canada, Asia and Japan in global infrastructure sectors including gas, electricity, water, telecoms, communications and airports.
He was previously the Head of Power and Joint Head of Infrastructure at UBS Investment Bank in Sydney (2000-2004), and Head of Power at BZW/ ABN AMRO firstly in London, then Wellington, New Zealand and in Sydney (1990-1999).
Richard played a crucial role in the privatisation for the UK and Scottish electricity industries as well as New Zealand Telecom. In Australia, he orchestrated the sale of major infrastructure products including Perth, Melbourne and Brisbane airports. He was also involved in the privatisation of many companies in the Australian electric and gas industries.
Richard has an exceptional understanding of the different regulatory regimes operating globally and how to accurately value global infrastructure companies.
Nick Langley – RARE Director & Senior Portfolio Manager
Nick Langley has 12 years of experience in global infrastructure investment including 8 years in listed and direct global infrastructure funds management.
He has worked for some of the world’s leading financial institutions including AMP Capital, where he spent four years on the funds management team (2002-2006); UBS Investment Bank in New York (2000-2001) and BZW/ ABN AMRO in Sydney (1998-2000).
Nick has great experience across a range of global infrastructure sectors, including gas, electricity, telecoms, rail, airports, toll roads and social infrastructure such as hospitals.
Prior to founding RARE Infrastructure with Richard Elmslie in 2006, Nick was the Chief Financial Officer at DUET, an Australian $5.5 billion (asset value) ASX listed energy infrastructure investment trust, managed by AMP Capital and Macquarie Bank. DUET achieved a total return for investors of 24% pa from 2003 to 2006.
Joseph Ferragina – RARE Director & CFO of Treasury Group Limited
Joseph Ferragina has a decade of experience in property funds management and has been the Chief Financial Officer at Treasury Group Limited since 2005.
His previous posts have included: Head of Finance at DBRREEF in Sydney (2005); Chief Financial Officer at Ronin Property Group (2003-2005); Financial Reporting Manager at AMP Capital Listed Property Trusts (2000-2003;) Listed Trusts Finance Manager at Colonial First State (1998-2000) and Finance Manager at Triplecee Investment Management (1995-1998). He also has six years of experience in chartered accounting.
| Research Team Coverage |
Shane Hurst
Shane brings more than 11 years of investment experience, including seven years of researching domestic listed infrastructure securities and four years of portfolio management at Hastings Funds Management and Tribeca Investment Partners.
Shane was most recently involved (with Charles) at Hastings where they built, coordinated and portfolio managed all aspects of the Hastings Global Infrastructure Securities fund, including the development of its investment process and portfolio construction framework. Shane was also responsible for researching and analysing companies for investment by the Hastings Global Infrastructure Securities Fund. Prior to Hastings, Shane spent six years with Tribeca Investment Partners where he was responsible for the setup, portfolio management and research of the Tribeca Investment Partners Infrastructure & Utility Fund. At Tribeca, Shane was also responsible for general equities research for their small cap and broader equities funds. Before that Shane spent three years with AMP Capital Investors in investment strategy and asset allocation.
Rod Chisholm
Rod Chisholm has 13 years of experience in researching regulated infrastructure companies and infrastructure investments, including seven years with HSBC Securities in London working as head equity analyst for the Pan European fixed line telecoms research team.
He also spent three years with HSBC Investment Banking in the Global Telecoms team advising clients in the UK, Europe and Asia. He advised on a number of global infrastructure investment deals in both the regulated fixed telecoms market and the satellite communications sector.
Between 1995 and 1997, Chisholm was part of the communications consulting division of KPMG in London. He provided advice to the European Union on wireless regulation planning and undertook strategy and financial planning studies for satellite infrastructure companies in Europe, the US and Latin America.
David Maywald
David Maywald has 10 years of experience in funds management and has worked for substantial global fund managers including Bankers Trust (BT) Fund Management (2000-2002) and Credit Suisse Asset Management (2003) and boutique Constellation Capital (2003-2005).
At BT, David was an international equity analyst responsible for DCF modelling and recommendations on utilities, transport and telecommunications companies in Japan.
At Constellation Capital, David analysed and valued infrastructure companies in the utilities, transport and infrastructure sectors and was a member of the Investment Selection Committee, which controlled stock selection and portfolio construction.
At Credit Suisse Asset Management, he was a voting member of the Currency Strategy Committee which decided on the currency overlay for international equity funds. This involved macroeconomic analysis and active portfolio funds management.
Ben May
Ben May has 14 years experience in corporate finance and including six years in the infrastructure sector in investment and asset/corporate level roles. These roles have provided him with a strong understanding of the value drivers of infrastructure businesses, their capital structures and various regulatory regimes.
Prior to joining RARE, he was the Head of Airports & Ports at CP2, an investor in global infrastructure assets. Ben was responsible for the valuation and analysis of listed and unlisted airport and port companies globally, the identification of new investment opportunities and the monitoring of CP2’s investments. He joined CP2 at the start of 2008 from Credit Suisse where he was an Equity Research Analyst specialising in Australian listed infrastructure companies.
Ben worked at Sydney Airport Corporation (now part of MAp) for two years where he was responsible for investment appraisal, primarily for the Property Development and Commercial Trading divisions. As a member of the Financial Analysis & Planning team, he prepared business cases for capital investments and was a member of tender assessment committees. Responsibilities also included preparation of the airport’s capital expenditure plan, the annual corporate plan, budgets and forecasts. He worked on the airport’s debt refinancing and regearing in 2006.
Ben commenced in the infrastructure sector in 2004, joining the corporate finance team of toll road company Transurban with a focus on business development in New South Wales and Queensland. Prior to Transurban, he spent eight years in corporate finance roles at Deloitte, Arthur Andersen and ANZ Bank.
Tim Snelgrove
Prior to joining RARE, Tim Snelgrove spent a year at Merrill Lynch on the hedge fund desk managing and executing client orders. Prior to Merrill Lynch he worked for several accounting firms.
Tim is RARE Infrastructure’s dealer and is in charge of executing orders for the portfolio managers. He is also a member of the infrastructure research team.
Charles Hamieh
Charles brings more than 13 years of experience in infrastructure and utilities, including over eleven years in listed infrastructure and utility securities analysis and portfolio management.
Charles was most recently Director and Senior Analyst (Head of Asia Pacific Research) at the recently formed AMP Capital Brookfield. Prior to his current position, Charles successfully established and managed global listed infrastructure funds at Hastings and Challenger, responsible for all areas of research and portfolio management. Charles also spent over six years as a Senior Portfolio Manager and the lead infrastructure and utility securities analyst with AMP Capital in the late 1990’s and early 2000’s.
Charles is an expert in Asia Pacific infrastructure and utilities and has spent considerable time covering European and North American stocks.
Charles is fluent in Arabic
Ann Chau
Ann brings more than nine years investment experience, including three years infrastructure experience in funds management and asset companies.
Ann spent the last year assessing investment proposals and capital expenditure for RailCorp (owner operator of passenger rail track in New South Wales). Prior to RailCorp Ann spent two years with UBS Global Asset Management’s global listed infrastructure fund responsible for research of global listed infrastructure stocks. Ann has also spent several years research telecoms and property companies in Hong Kong and Vietnam for Prudential and JP Morgan. In addition, Ann has spent four years with JP Morgan in Treasury Services, Investor Services and various management projects.
Ann is fluent (spoken and written) in Mandarin, Cantonese and Vietnamese, and conversational in French. She is an expert in South East Asian infrastructure companies.
| Distribution Team |
Matthew Dell – Head of Retail Distribution
Matt Dell is the Head of Retail Distribution for RARE Infrastructure. He has 14 years experience in sales and distribution, having worked for Fidelity Investments, ASGARD, Hillross and AMP. During this time he has been responsible for the distribution of retail products through dealer groups and platforms, as well as recruiting advisers to Hillross and Securitor and servicing the needs of existing advisers in those groups.
Prior to this, he had a 9 year accounting career in several organisations, including Ernst and Young, BT and AMP.
Matt holds a Bachelor of Economics from Macquarie University and a Graduate Diploma in Financial Planning from FINSIA. He is both a CPA and a Fellow of FINSIA.
Ben Daly – Account Manager
Ben Daly has 7 years of experience in funds management and corporate superannuation, working with both institutional and retail clients.
Joining RARE Infrastructure from Deutsche Asset Management, Ben was responsible for the distribution of retail products through dealer groups. He re-launched his career in the funds management industry in 2008, having spent seven years as a professional sportsman playing representative rugby union for clubs in the UK and Europe.
His previous appointments include managing institutional sales and distribution at prestigious investment managers, BT Funds Management and Zurich.
Ben has a Bachelor of Economics from the University of Queensland and a Graduate Diploma in Marketing from the Chartered Institute of Marketing in London.
