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Morrison & Co facts for kids
| Private company | |
| Industry | Investment management |
| Founded | 8 August 1988 |
| Founder | Lloyd Morrison |
| Headquarters |
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New Zealand
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Key people
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Rob Morrison (Chairman) Paul Newfield (CEO |
Morrison is a company that helps manage big projects around the world. They invest in important things like airports, energy, and data centers. They have offices in many countries, including New Zealand, Australia, the United Kingdom, the United States, and Singapore.
Contents
How Morrison Started
Morrison was started in 1988 by a person named Lloyd Morrison. At first, they gave advice on many types of investments. In the 1990s, they decided to focus on 'infrastructure'. Infrastructure means big, important things like roads, airports, and power plants. This happened when many government-owned businesses were sold to private companies in Australia and New Zealand.
After starting a special fund called Infratil in 1994, Morrison became more active. They invested in and advised on the sale of airports, ports, and energy companies in Australia and New Zealand.
In 2009, Morrison launched the Public Infrastructure Partnership Fund. This was New Zealand's first fund to invest in 'public-private partnerships'. These are projects where the government and private companies work together.
In 2018, Morrison created the Morrison & Co Growth Infrastructure Fund. This fund aims to invest in unlisted infrastructure projects. They also took over managing the Utilities Trust of Australia (UTA) in 2018. Over the next three years, Morrison grew its business outside New Zealand and Australia. They expanded into Asia, Europe, the UK, and North America.
In 2021, Morrison raised a lot of money, USD 3 billion, for a new global fund. In 2022, Paul Newfield became Morrison's third CEO. In 2023, the company changed its name from Morrison & Co to just Morrison.
What Morrison Does
Investing in Infratil
Morrison started Infratil in 1994. It was one of the first funds in the world to invest in infrastructure that people could buy shares in. Infratil (NZX: IFT) is listed on the New Zealand Exchange and the Australian Securities Exchange. This means you can buy and sell its shares like other companies.
Infratil has invested in important companies. These include Manawa Energy, Wellington Airport, one.nz, RetireAustralia, and CDC Data Centres. Morrison gets a fee from Infratil for managing these investments. Infratil has shown strong returns for its investors over many years.
Managing Utilities Trust of Australia
In July 2018, Morrison started managing the Utilities Trust of Australia (UTA). This fund has a large portfolio of important infrastructure assets. UTA was started in 1994 and is one of Australia's first infrastructure investment funds.
UTA invests in a variety of assets around the world. These include Australian Registry Investments, Perth Airport, TransGrid, Phoenix Natural Gas, and South East Water. UTA aims to provide good returns with low risk. In 2021, UTA was rated as one of the top infrastructure funds globally. It was also the leading fund in Oceania for its environmental, social, and governance (ESG) performance.
Working with New Zealand Superannuation Fund
In 2006, Morrison was chosen to manage global infrastructure investments for the New Zealand Superannuation Fund. This fund helps save money for New Zealand's future.
The Morrison Public Infrastructure Partnership Fund
In 2009, Morrison launched the Public Infrastructure Partnership Fund (PIP Fund). This was New Zealand's first fund focused on investing in PPPs. The New Zealand Superannuation Fund was a main investor in this fund. Other New Zealand trusts and investors also put money into it.
The PIP Fund has invested in several projects. These include Hobsonville Point Primary and Secondary Schools, the Melbourne Convention Centre, and Bendigo Hospital. It also invested in student housing at the University of Wollongong. More recently, it supported four schools in Auckland, Canterbury, and Queenstown, and the Auckland Prison.
Morrison Growth Infrastructure Fund
In August 2020, Morrison successfully closed its Morrison & Co Growth Infrastructure Fund (MGIF). This fund reached about A$580 million in total size. MGIF focuses on the long-term value of essential infrastructure services. It aims for good returns by investing in these important services.
Other Investments and Activities
In May 2019, Morrison bought an agriculture business called Sundrop Farms. This company uses special methods to grow food.
In early 2021, Morrison promised to be climate positive in its own operations. This means they try to remove carbon emissions or offset them. Offsetting means supporting projects that reduce carbon in other places.
In June 2021, a group managed by Morrison bought 49 percent of InfraCo Towers. This is Australia's largest network of mobile phone towers. The group included the Future Fund, Sunsuper, and the Commonwealth Superannuation Corporation. The business later changed its name to Amplitel Ltd.
In 2021, Marko Bogoievski, who was CEO for 13 years, retired. Paul Newfield, who used to lead Australia & New Zealand, became the new CEO. Marko was recognized with awards for his work in 2021.
In April 2023, Morrison bought FiberLight for USD 1 billion. FiberLight is a company that provides fiber optic networks. Morrison also announced Bill Major as the new CEO of FiberLight.
Other Things Lloyd Morrison Did
In March 2008, Lloyd Morrison started a campaign called "A measurable goal." He wanted New Zealand to set a common goal for its future. He was worried that New Zealand's economic growth was slowing down. In 1950, New Zealand was one of the top 10 richest countries.