M&G, the asset management arm of the Prudential, has recruited a senior infrastructure manager to lead its drive to invest in new-build infrastructure projects in the UK.
Andy Matthews, formerly a partner at 3i Group specialising in public-private partnership deals, has joined M&G Infracapital to lead a new division focusing on "greenfield" projects.
M&G's Infracapital unit manages £2.4bn, both on behalf of the Prudential and for external investors, and has to date focused on acquiring and financing existing infrastructure assets.
It began a push into greenfield sites last year; in October Prudential announced a £100m commitment to a new tidal-energy project in Swansea Bay, which will be managed through M&G. This investment will now come under Matthews' supervision.
The greenfield investment unit began by managing Prudential's internal money, but Matthews will also take responsibility for developing its strategy, including the option of whether to launch external funds in future.
Matthews, a former surveyor on major civil engineering projects, spent 12 years at Barclays between 2001 and 2013 developing the bank's infrastructure investment unit, where he was chief investment officer. He moved to 3i when it acquired the Barclays Infrastructure Funds business in 2013.
Martin Lennon, co-founder and head of M&G Infracapital, said, "As the infrastructure market has continued to evolve, we have eyed with interest the growing potential in greenfield, which we believe we are well positioned to take advantage of."
