The RARE Infrastructure team is comprised of 13 highly experienced specialist global infrastructure investment managers with a combined 120+ years of experience in global infrastructure and 80+ 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.
| Quick links to RARE team | |
| Distribution | Investment |
| Australian Retail | Investment Advisory Board (IAB) |
| Canadian Retail | Portfolio Management |
| Institutional | Research |
| RARE’s Investment Committees for the RARE Strategies | |||
| Value | Emerging Markets | Real Asset | Yield |
| Richard Elmslie | Richard Elmslie | Richard Elmslie | Richard Elmslie |
| Nick Langley | Nick Langley | Nick Langley | Nick Langley |
| Charles Hamieh | Rod Chisholm | David Maywald | |
| Ben May | Shane Hurst | ||
Richard Elmslie – RARE Director & Senior Portfolio Manager
Richard commenced work in the infrastructure sector in 1989 when the UK Government was privatising its electricity sector. Since that date he has worked for a number of global infrastructure companies around the world (Asia, Australia, Canada, New Zealand, UK & USA) and across a broad range of sectors including gas, electricity, water, waste water, roads, airports, communications and ports.
Highlights of Richard’s 22 years in infrastructure include:
- Structuring the capital structure and floating MANWEB, a UK electric distribution and retail business
- Restructuring, including determining the regulatory framework, establishing and selling via IPO, one of the two integrated Scottish electric businesses
- Joint Team Leader, bringing private capital to the airport industry in Australia. This involved creating the airport regulatory regime in Australia, establishing the airport companies and disposing of Perth, Melbourne and Brisbane airports
- Involvement in almost all aspects of the sale of the Australian electric and gas industries, including listed and unlisted work experience.
His time in the infrastructure sector over the last 22 years has provided him with a very good understanding of the different regulatory regimes that operate globally, the capital and financing structures and how to value infrastructure businesses.
Nick Langley – RARE Director & Senior Portfolio Manager
Nick has 14 years experience in the infrastructure sector and nine years in listed and direct infrastructure funds management.
Nick commenced in the infrastructure sector (regulated utilities, logistics and airport services) in the mid-1990’s in New Zealand. In the late 1990’s he worked with Richard in Australia advising clients in regulated utilities (water/ waste water, electricity and gas) and user pay infrastructure (communications infrastructure, rail & logistics).
Nick then spent two years working for UBS’s investment bank in London and New York. On returning to Australia in 2002 he moved to investment management, joining AMP Capital’s Infrastructure Funds Management team. Nick’s primary responsibility was the management of listed and direct exposures to energy infrastructure assets and he co-led the team restructuring AMP and client interests in the Victorian and West Australian electricity and gas industries. As a result, in 2003 Nick was appointed as one of two portfolio managers of a listed infrastructure debt fund. Also in 2003 Nick was appointed as one of two portfolio managers of an unlisted private equity fund investing in the electricity and gas industries. Nick’s final role was as Chief Financial Officer of DUET Group, an AUD5.5b enterprise value, Australian listed, energy infrastructure owning trust. This role involved the following activities:
- Treasury management – the issuance of debt domestically and internationally and the associated interest rate and foreign exchange hedging, together with the ongoing management of the capital structures of the underlying entities, including AUD4b of bank debt facilities and bonds, AUD400m of hybrid securities and AUD1.1b of equity securities
- Preparation of Financial Reports – from the valuation of the underlying entities for net asset value purposes to oversight of the preparation of the financial reports and presentation of those reports to the market
- Involvement in the operation and management of the underlying entities – including as a member of steering committees for major capital projects, and as a member or Chairman of the Audit and Risk Management Committees of the underlying entities
- Attendance and involvement in the management of an independent board of directors of a publicly listed entity.
Joseph Ferragina – RARE Director & CFO of Treasury Group Limited
Joseph Ferragina has over 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 |
Jonathan Mirrlees-Black
In 2011 Jonathan Mirrlees-Black joined RARE in a full-time capacity as Head of Research, replacing Rod Chisholm (taking a leave of absence to train with Australian Rowing for the London 2012 Olympics). Jonathan continues as a member of the RARE Infrastructure Investment Advisory Board (IAB), a position he has held since 2010. Prior to joining RARE in a full time capacity, Jonathan was acting as consultant to the UK energy regulator (Ofgem), advising the International Atomic Energy Authority on financing new nuclear and specific client engagements for a number of major infrastructure companies and was a member of the UK Water regulator’s Future Regulation Advisory Panel.
Jonathan has over 20 years of experience in the infrastructure sector including 12 years experience as a sell side research analyst (leading research teams at Exane BNP Paribas, Lehman, and Dresdner Kleinwort Benson) and eight years as a management consultant to global infrastructure companies and regulators (with Coopers & Lybrand and Cambridge Economic Policy Associates).
He was lead analyst for several major European utility privatisations, including those of EDF and Endesa, and has advised on the detailed design and operation of infrastructure market and regulatory frameworks in Europe, Asia, and Latin America. He currently teaches a course on equity research for the Masters of Finance Course at the Judge Business School, University of Cambridge.
Rod Chisholm
Rod was previously Head of Research at RARE and is a member of the Real Asset portfolio Investment Committee. Rod’s research areas cover both UK/Europe and the Americas with a focus on communications, water, rail and airports. Rod is currently on a leave of absence to train with Australian Rowing for the London 2012 Olympics.
Rod has 13 years experience in researching and advising regulated infrastructure companies. Infrastructure experience includes equity research on the European fixed telecoms operators. Rod advised on the first merger between regulated national telecoms operators in Europe, he also advised on the acquisition of Asiasat by SES (European satellite company) and the subsequent IPO of SES global.
Rod advised National Grid (UK transmission) on the disposal of its telecoms subsidiary, Energis, and was valuation advisor to Telenor (Norwegian telecoms operator) on its global portfolio of 15 direct stakes in telecoms, satellite and network assets. Rod has advised the European Union on mobile network regulation and market structure and advised new entrants in France, Brazil and the UAE on the development of satellite communication networks.
Prior to joining RARE Rod was head of Pan European fixed telecommunications research at HSBC Securities in London. Between 1997 and 1999 Rod worked in HSBC Corporate Finance in the telecoms team. Prior to that Rod was part of the communications consulting division of KPMG between 1995 and 1997. During this period he advised the European Union on wireless regulation planning and undertook strategy and financial planning studies for satellite communications infrastructure companies in Europe, the US, and Latin America.
David Maywald
David joined RARE’s research team in June 2006 and is a member of the Yield Strategy Investment Committee
Most of his time since joining the funds management industry in 2000 has involved analysing and valuing global utility and infrastructure stocks from Sydney. He has worked in international and domestic equity research, bonds, corporate credit, currency overlay, economics, dealing and briefly in sell side research for JP Morgan.
He worked at BT Funds Management from 2000-2 as an International Equity Analyst. Here he was responsible for DCF modelling and recommendations on utilities transport and telecommunications companies in Japan. In terms of the sectors that he was responsible for, he outperformed his industry benchmark by 1.2% pa over the term of his employment.
David then worked at Credit Suisse Asset Management in 2003 where he was a voting member of the currency strategy committee, which decided on the currency overlay for the international equity funds. This involved macroeconomic analysis and active portfolio management.
He was employed by Constellation Capital Management from 2003-5, where he was responsible for analysing and valuing companies in the infrastructure, utility, transport and telecoms industries. He was a member of the Investment Selection Committee (which is where stock selection and portfolio construction was decided).
Ben May
Ben is a member of RARE Infrastructure’s research team and the Real Asset Portfolio Investment Committee. He is responsible for stock coverage in Europe, Australia and New Zealand. He also covers a number of infrastructure stocks in emerging markets.
Ben has 15 years experience in finance including eight 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 in 2010, Ben was the Head of Airports & Ports at CP2, an investor in global infrastructure assets. He 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 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.
Shane Hurst
At RARE Infrastructure Shane has joint responsibility for the research coverage of listed infrastructure & utility securities in the America’s region and is a member of the Yield Strategy Investment Committee.
Shane brings more than 13 years of investment experience, including eight years of researching 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.
Charles Hamieh
Charles is a Portfolio Manager for the RARE Emerging Market product and researches companies in the developing Asia Pacific Region.
Charles brings more than 15 years of experience in infrastructure, including over ten years in listed infrastructure and utility securities with AMP Capital, Hastings and Challenger.
Charles was most recently Director and Senior Analyst (Head of Asia Pacific Research) for the recently formed AMP/Brookfield global listed infrastructure franchise. In addition, he spent four years being responsible for the research and portfolio management of global listed infrastructure stocks at Hastings Funds Management and Challenger. Charles also spent six years as the lead analyst for listed infrastructure and utility securities with AMP 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 works with Charles in covering the Asian region.
Ann spent the last year as an Infrastructure Consultant, assessing investments for infrastructure companies and providing strategic advice. Prior to her infrastructure consulting career, Ann spent two years with UBS Global Asset Management’s global listed infrastructure fund conducting investment analyses. Ann has also spent several years investing in listed and unlisted telecommunications and property companies in Asia for Prudential Asset Management and JP Morgan. In addition, Ann spent four years within JP Morgan’s management training program and JP Morgan’s Treasury sales team.
Ann is fluent (spoken and written) in Mandarin, Cantonese and Vietnamese, and conversational in French. She has also lived and worked in Hong Kong, Singapore, Tokyo, Sydney and Vietnam.
Dan Simmonds
At RARE Infrastructure Dan has joint responsibility for the research coverage of listed infrastructure & utility securities in the America’s region.
Dan has six years experience researching utilities across global markets, with exposure to sectors including US energy, US water, European energy, UK water, and Australian energy. Dan has also analysed general Australian equities.
Prior to joining RARE, Dan was Head of Utilities and Pipelines at CP2, where he commenced his career as a graduate in 2006.
Tim Snelgrove
Tim is the equity and FX dealer at RARE. Tim executes trades for the Senior Portfolio Managers & Investment Committee by trading with brokers in Asia, North America, Europe and Central/South America. Tim also manages the FX hedging overlay for hedged portfolios and is a member of the Investment Committee, covering several Australian Infrastructure companies.
Prior to joining RARE Tim spent a year at Merrill Lynch (ML) on the Hedge Fund Sales Desk managing and executing client cash equity and option orders. Prior to ML he worked for several accounting firms.
George Kurian
George is an analyst at RARE infrastructure. George has six years global experience (US, UK & India) including two years of investment experience with Tradition Capital Management, a US based Asset manager. At Tradition, George and his portfolio manager beat the benchmarks for both 2008 & 2009 and generated a positive return over that bear-market period.
George holds an MBA in Finance: Investment Management from Duke Fuqua School of Business, NC, USA. While at Duke, one of his investment ideas was voted among top 5 in all of United States, as part of $50,000 investment idea competition. He passed CFA Level 3 exam in 2010.
George is fluent in Hindi & Malaysian.
Daniel Chu
Daniel joined RARE’s research team in January 2012.
Daniel has four years experience as an analyst in the Australian infrastructure sector with a focus on social infrastructure and Public Private Partnerships (PPPs). He spent two years with KPMG’s corporate finance practice as an infrastructure advisor and, prior to that, two years with ANZ Banking Group focusing on in project finance.
| Distribution |
Matthew Dell – Head of Retail Distribution
Matt Dell is the Head of Retail Distribution for RARE Infrastructure. He has spent 15 of his 21 years in the financial services industry in sales and distribution, having previously worked for Fidelity, ASGARD and AMP Capital. During this time he has been responsible for the distribution of managed funds, SMAs, wraps and master trust platforms through various intermediaries, as well as the recruitment and servicing of financial planners in several dealer networks.
Matt holds a Bachelor of Economics from Macquarie University, a Graduate Diploma in Financial Planning from FINSIA and is both a CPA and a Fellow of FINSIA.
Ben Daly – Regional Manager for NSW/ACT, Qld, WA
Ben Daly has 8 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.
Steve Williams – Regional Manager for Vic, SA & Tas
Steve Williams is the Regional Distribution Manager for Victoria, South Australia and Tasmania. He joined RARE in February 2011 to open the Melbourne office and is responsible for developing the retail, researcher and platform client base.
Steve has over 21 years experience in the financial services industry having worked in portfolio management, product and distribution channels. Steve has held senior management positions with AMP Capital , BT Funds Management and Ord Minnett.
Dave Paredes – Vice President, Institutional Sales
Dave Paredes is Vice President of Institutional Sales for RARE Infrastructure. Dave is responsible for new business development focusing on the consultant and pension plan community in the United States. He is based in Chicago, Illinois.
Dave has over 23 years of investment management experience in sales and marketing. Dave recently was President of ENDURANCE Investment Management, LLC a small cap long only firm. Prior to ENDURANCE Dave worked for Principal Financial Group, Northern Trust and JP Morgan Chase as Vice President of Sales, marketing to the pension plan community. Prior to his investment management experience Dave started his professional career as an economic analyst for the Chicago Board of Trade. Dave has experience selling traditional and alternative products to both consultants and plan sponsors. Dave also serves as a trustee for an Illinois police pension plan. Dave has a Bachelor of Science in Finance with a concentration in Economics and Computer Science from Northern Illinois University, DeKalb, Illinois.
Kate Hudson – Director, Institutional Sales, Europe/UK
Kate Hudson is Director, Institutional Sales for RARE Infrastructure. Kate is responsible for developing the institutional business in the UK and Europe. She is based in the West Midlands.
Kate has over 22 years experience in funds management and financial services.
Kate until recently was Director at Russell Investments in London where she was brought in to help establish and build their UK retail business. Prior to this she was Vice President and Regional Director at Dimensional Fund Advisers for Australia/New Zealand based in Sydney. She has held senior positions in distribution and sales for BT Funds Management and AMP Capital.
Kate has a Bachelor of Economics from the Australian National University (ANU) in Canberra.
