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Specialist in Asia Pacific, Japan, China, India and South East Asia and Global Emerging Market equities.

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Stewart Investors manage investment portfolios on behalf of our clients over the long term and have held shares in some companies for over 20 years. They launched their first investment strategy in 1988.

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Unlisted Infrastructure

Unlisted Infrastructure

Niall Mills
Head of Global Unlisted Infrastructure Investments

Niall Mills is the Head of the Global Unlisted Infrastructure Investments team and is based in London. He is a member of the EDIF I, II & III and GDIF Investment Committees. Niall currently sits on the boards of investee companies in Anglian Water Group, Caruna and Utilitas. Prior to joining FSI in 2008, Niall worked in industry holding senior roles at Southern Water, Honeywell Novar Projects, Bechtel and North West Water Engineering. Niall holds a Master of Business Administration from London Business School, an Institute of Directors Diploma in Company Directorship and a Bachelor of Engineering (Hons) from Sheffield Hallam University. He is a Fellow of the Institution of Civil Engineers.

 

 

Marcus Ayre
Partner

Marcus Ayre is a Partner in the Unlisted Infrastructure Investments team based in London, and is a member of the EDIF I, II & III and GDIF Investment Committees. Prior to joining FSI in 2007, Marcus spent 10 years in European investment banking at Merrill Lynch, HSBC and Barings. Marcus holds a Bachelor of Laws (Hons) degree from the University of Birmingham and is a qualified barrister.

 

 

 

 

Danny Latham
Partner

Danny joined the Unlisted Infrastructure Investments team in November 2007 and has a focus on direct investment in and management of major infrastructure projects. Danny has responsibility for infrastructure investment funds and mandates globally, client relationship management and the origination and securing of new investment opportunities. Danny is a member of the Infrastructure Executive Committee and the Investment Committee for EDIF I and II and GDIF. Danny has been at the forefront of the infrastructure funds management industry for more than 20 years, working on the acquisition of over 20 infrastructure assets, including Melbourne Airport, United Energy and Northern Gas Networks. Danny has held over 10 directorships with companies including Spark Infrastructure, Melbourne Airport and Northern Gas Networks and various other companies in the transport and utility sectors. He has also been Fund Manager for a number of infrastructure funds and client mandates over the last 10 years. Prior to joining, Danny was director of RREEF Infrastructure based in London, with responsibilities for portfolio management, asset acquisition and asset management and Senior Partner and foundation member of AMP’s infrastructure team. Danny has a Masters of Applied Finance and a Bachelor of Economics from Macquarie University, Sydney.

Chris McArthur
Partner

Chris joined the Unlisted Infrastructure Investments team in July 2007 and leads the asset management activities in Australia as well as being responsible for the management of selected assets in Australia, primarily in the transport sector. Chris’ responsibilities include performance management of existing assets, Board representation on selected assets, and evaluation of new investment opportunities. Chris is a member of the Infrastructure Executive Committee and the Investment Committees for GDIF, EDIF I and II and WIIF. Chris previously headed the commercial division of Pacific National, Australia’s largest private rail group. He held a variety of senior management positions with Qantas in Sydney and London, including as head of the QantasLink group of regional airlines. Chris has also held strategic business roles with Ansett, Ansett International, and Andersen Consulting. Chris brings to the team more than 20 years of transport and infrastructure experience. Chris is currently a Director of Brisbane Airport and Adelaide Airport, Patriot Rail & Ports and a former Director of Perth Airport and the UK-based utility company Inexus Group Limited. He was the inaugural Chairman of Airports Coordination Australia Ltd. Chris holds a Bachelor of Engineering from the University of Melbourne where he also holds an MBA from the Melbourne Business School, and is a Fellow of the Australian Institute of Company Directors. 

Gavin Kerr
Director

Gavin Kerr joined the Unlisted Infrastructure Investments team in October 2013 and is focused on investment management activities, as well as the origination and assessment of new investment opportunities. Gavin is a member of the Investment Committee for GDIF and a director at Patriot Rail & Ports. Gavin has been actively involved in the development of privately funded infrastructure businesses in various markets for more than 15 years, and for most of that time with the Macquarie Group. Gavin has been the chief executive of a number of infrastructure funds, a director of many infrastructure businesses, and a financial adviser to infrastructure projects. Among Gavin’s past roles, he was the chief executive officer of the Singapore listed Macquarie International Infrastructure Fund Limited, an owner and operator of a global portfolio of more than 10 infrastructure businesses with investments in the communications, toll roads, ports and renewable energy sectors. He was also the chairman of Hua Nan Expressway, a 31km dual-carriage urban toll road in the city of Guangzhou, the capital of Guangdong province in China, and N3 Toll Concessions Pty Limited, a 420km toll road from Johannesburg to Durban, South Africa. Prior to joining FSI, Gavin was an executive director at Macquarie Group, where he spent 17 years based in Sydney, Cape Town, Seoul and Singapore. His responsibilities included the development of Macquarie’s infrastructure funds business in new and emerging markets of Africa, the Middle East and Asia. Gavin’s responsibilities included infrastructure funds management, leading transactions and active asset management. Gavin is a fellow of the Australian Institute of Chartered Accountants and has a Masters of Commerce from the University of New South Wales, Sydney.

John Ma
Director

John is a director and Head of Investments – North America – Unlisted Infrastructure, for First State Investments, and is currently a director at Patriot Rail and Ports. John joined the unlisted Infrastructure Investments team in December 2018 and is based in New York, helping lead the origination and assessment of new investment opportunities in the United States/North America. Prior to joining FSI, John was the Chief of Staff at the Port Authority of New York & New Jersey, one of the largest transportation infrastructure agencies in the United States.  At the Port Authority, John’s responsibilities included management and oversight of the New York and New Jersey region’s primary airports, ports, trans-Hudson bridge and tunnel crossings, the PATH bi-state commuter rail system, as well as the redevelopment of the World Trade Center.  During his tenure, the Port Authority completed a number of innovative public-private partnerships including the new Goethals Bridge and the redevelopment of LaGuardia Airport, as part of its $32 billion ten-year capital plan. Before working at the at the Port Authority, John was a Managing Director in the Investment Banking Division of Goldman, Sachs & Co. based in New York. At Goldman Sachs, John helped establish and lead the infrastructure advisory group in the Americas.  During his tenure, John advised on and financed client transactions across a range of infrastructure assets and sectors. John has a J.D. from Yale Law School and an A.B. from Harvard College.