The newly created global function will support the firm’s future growth prospects via a global approach to sales and distribution.
First State Investments has appointed Harry Moore as global head of distribution, based in London, the firm announced on Thursday, alongside a number of promotions under its new leadership structure.
Moore, who has been with First State for the past decade, has over 20 years’ distribution and investor experience. In recent years, he has successfully led the distribution teams in Australia, New Zealand and Japan, which counts more than half of the firm’s assets under management. In his new role, he will focus on working more broadly with the regional teams and developing stronger global relationships.
He will take over distribution activities from managing partner, FSSA Investment Managers and managing director, Asia, Michael Stapleton, and managing director, EMEA, Chris Turpin, who remain in those roles. Liz Hastilow will take over Moore’s former role as managing director, Australia and New Zealand role, in addition to her duties as a global chief legal and risk officer.
Southeast Asia Head Promoted
Lauren Prendiville, formerly head of distribution for Southeast Asia, has been promoted to Head of Distribution, Southeast Asia & Middle East. Based in Singapore, Prendiville joined First State in 2014 after more than seven years at Investment Marketing Solutions, where she was a partner.
She previously spent more than seven years at Goldman Sachs Asset Management, and had stints at Morgan Stanley and Investec.
Infrastructure Business Boost
Last week, First State appointed Niall Mills as head of global infrastructure investments in its Unlisted Infrastructure business, following Perry Clausen’s promotion to global chief investment officer. The London-based executive joined First State's senior management team as partner in the European infrastructure business in 2008.
The Unlisted Infrastructure business made a number of acquisition announcements in recent months, including its 100 percent purchase of UFF Holdings, the holding company for New Zealand-based fiber business Ultrafast Fibre Limited; a 49-percent stake in Anaergia's Rialto bioenergy facility in California; a 100-percent acquisition of the Vopak Terminal business in Algeciras (Spain) and Caldic Chemie terminal in Rotterdam, and a 45.1-percent acquisition in MVV Energie in Germany.
As of end-March, the firm had $8.4 billion in unlisted infrastructure equity investments.
New Board Members
On Monday, First State also announced the addition of two independent non-executive directors to its board: Michelle Tredenick, who has held senior roles at National Australia Bank, MLC and Suncorp and currently serves on several listed and private company boards; and U.K. fund management industry stalwart Richard Wastcoat, who joined First State Investments as its first non-executive director in 2011. He previously spent 25 years at Fidelity and worked as chief executive of its U.K. mutual fund business, and subsequently FundsNetwork, from 1999 until his retirement from the company in 2008.
As of end-March 2020, First State Investments had over $123 billion in assets under management.
