Fund manager leaves John Laing Infrastructure
19 May 2017
Andrew Charlesworth, lead manager of John Laing Infrastructure (JLIF), the most highly rated fund investing in contracts to run train lines, schools and hospitals, has quit.
Andrew Charlesworth, lead fund manager to John Laing Infrastructure, has quit to ‘pursue opportunities in the global infrastructure market’, according to the company.
Charlesworth, a director of John Laing Capital Management (JLCM), JLIF’s investment adviser, will leave next week. He helped launch the company in 2010 when it floated at £259 million and oversaw its growth to its current market value of £1.38 billion, helped by a £119.5 million share placing in March.
… and is to be replaced by …
John Laing Capital Management’s David Hardy who will move over from John Laing Environmental Assets (JLEN) where he is a co-lead adviser. In his new role he will run the five-strong team in charge of JLIF’s portfolio of over 60 infrastructure projects.
Andrew Charlesworth’s out-the-door inside a week sounds a rush job to me and quitting to ‘pursue opportunities in the global infrastructure market’ is an enough of detail-less statement to mean what anyone wants it to mean.
While I’m no longer a JLIF shareholder, having made an exit back in July last year because of increasing overvaluation and global expansion concerns, so ready only have a no-longer-involved interest in the stock. Nevertheless, I have a habit of always being on the lookout for negatives. Not for nothing does risk come before reward in the financial scheme of things to my way of thinking.
It could just be a case of a top manager in his field of expertise being headhunted to a better position. However, on this occasion there appears to be no period of notice being served which leads me to think that there may be other factors at work.
