RARE Infrastructure Limited

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.

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 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 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.

Tim Humphreys has 14 years of experience in funds management primarily in London, where he worked as an equity analyst specialising in UK and European markets for Insight Investment (2003-2006, formerly Rothschild Asset Management 1996-2003). Insight/Rothschild oversaw £100 billion of funds incorporating global listed infrastructure.

As an analyst, Tim’s primary research of global infrastructure companies involved meeting with the senior management of each business along with their competitors and regulators in order to construct detailed financial models and forecasts.

Tim has specialist knowledge and experience in the transport and logistics sector of global infrastructure, incorporating airports, seaports, toll roads and rail networks.

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.

Sarah Shaw has 15 years of experience in global infrastructure research and leads the research team for the RARE Emerging Markets strategy.

Prior to joining RARE, Sarah spent seven years at London investment bank, Dresdner Kleinwort Wasserstein (2001-2006), where she was the lead equity analyst for the global infrastructure telecommunications division.

Responsible for company modelling and valuation, stock and sector research and the marketing of research to sales force and institutional clients, Sarah specialised in Asia/Pacific (ex Japan) telecom operators, with a focus on China, South Korea, Singapore and Australia; Latin American telecom operators, with a focus on Brazil, Chile, Mexico and Argentina; and US fixed line operators.

Sarah also undertook global thematic research on the regulated incumbent telecom market and the developing mobile segment of developed and emerging markets. This included analysing regulatory frameworks, government ownership, control and strategy, growth profiles and risk assessment.

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.

Jonathan Reyes spent six years working at the prestigious Bear Stearns & Co in New York (2002-2008) prior to moving to Sydney, Australia and joining the RARE Infrastructure team.

At Bear Stearns, he started out as an accountant before moving into a trading role  within institutional equities and progressing to equity analyst in Bear Stearns Asset Management (BSAM).

At BSAM, he specialised in North American markets for the Large Cap Value team, which oversaw USD6.2 billion of management funds. As a member of the investment strategy team, he was responsible for creating and maintaining financial models and providing investment recommendations.

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.

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 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.