AMP makes infrastructure appointment in Beijing

Xiao Wei joins Anoop Seth as co-head of AMP's Asian infrastructure team, which is currently raising a $750m 'Asian Giants' infrastructure fund that agreed its first deal last month.

Australian investment manager AMP Capital has appointed Xiao Wei as the co-head of Infrastructure Asia.

Wei will be based in Beijing and source infrastructure opportunities for the AMP Capital Asian Giants Infrastructure Fund, which hopes to raise $750 million (€512 million) for investments mainly in India and China. He will work with fellow co-head Anoop Seth, who is based in Mumbai.

Wei has 15 years of experience in infrastructure development and investments. He was previously China country manager of AES, an American power development operating company and the chief executive of AES China Generating Company. He has also been the China country head of Meiya Power, a north Asian power provider.

A key aspect of AMP’s strategy in infrastructure is to strengthen its deal sourcing and asset management capability across Asia and Europe, said Philip Garling, global head of infrastructure at AMP. He added that Wei’s background in infrastructure development would help the firm realise its Asian ambitions.

The Asian Giants Infrastructure Fund focuses on social, industrial and urban infrastructure. It invests primarily in unlisted companies engaged in the transport, power and energy, and telecommunications sectors.

At least 70 percent of the fund will be invested in India and China, and the remaining capital will be allocated to other countries such as Hong Kong, Korea, Malaysia, Singapore and Taiwan.

The fund struck its first deal last month with a $25 million investment in Gayatri Infrastructures, an Indian BOT company.

The firm has been active in China since 1997 and has been investing in Asian infrastructure since 1994. AMP Capital has more than A$101 billion ($84 billion; €57.4 billion) of assets under management and A$3.5 billion in infrastructure investments in Asia-Pacific and Europe as of 30 June 2008.