Utilities Trust Of Australia

Utilities Trust of Australia (UTA) is an open-ended core infrastructure fund for institutional investors with a long-term investment horizon and a low to moderate appetite for risk.  UTA has a globally diversified portfolio of quality assets and a track record of delivering strong returns with low volatility over time. The UTA portfolio has assets in Australia, UK and North America.    

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UTA market sector diversification as at 31 December 2016

WHY INVEST IN UTA?

  • An existing portfolio of high-quality core infrastructure investments
  • A disciplined approach to buying and selling with demonstrated successes
  • The ability to invest in multiple global markets where value exists
  • A proven track record and more than 22 years experience
  • Independent oversight by the Utilities of Australia board

UTA FUND PROFILE

Feature
Description
Established

1994

Net Asset Value

A$5.6 billion in assets under management  

Benchmark

10 year Australian Government Bond Rate plus four percent per annum

Return Objective

To consistently provide investors with benchmark-plus returns over the medium term by taking influential positions in infrastructure projects in Australia and selected countries globally

Investment Strategy
  • Diversify across risk and stage of maturity according to UTA’s asset selection and portfolio parameters matrix 
  • Seek assets with characteristics that provide consistency of returns 
  • Diversify the portfolio across infrastructure sectors 
  • Take influential minority positions 
  • Actively manage the portfolio
Fund Structure

Open-ended

Unit Pricing and Valuations

Monthly

Number of Infrastructure Assets

12

UTA is not open to US investors

ASSETS

AUSTRALIAN PACIFIC AIRPORTS CORPORATION

Australia Pacific Airports Corporation owns and operates Melbourne Airport and Launceston Airport.... Read More

PERTH AIRPORT

Perth Airport is Australia’s fourth-largest airport in terms of passenger traffic, and is the principal... Read More

PORTERBROOK

Porterbrook is one of the three major rolling stock companies operating in the United Kingdom (UK). Porterbrook... Read More

PORT OF PORTLAND

The Port of Portland is a deep-water and bulk seaport strategically located between the ports of Melbourne and... Read More

Interlink Roads

Interlink Roads operates and maintains the M5 South West Motorway, which is the key link connecting the M7 in... Read More

STATE HIGHWAY 130 SEGMENTS 5&6

State Highway 130 (SH130) Segments 5&6 is a 41-mile toll road in central Texas. SH130 Concession... Read More

ELECTRANET

ElectraNet operates and manages the regulated electricity transmission network throughout South Australia.... Read More

PHOENIX NATURAL GAS

Phoenix Natural Gas is the largest gas-distribution company in Northern Ireland, providing gas to... Read More

SOUTH EAST WATER

South East Water is the largest water-only company by regulated capital value in England and... Read More

SOUTHWEST GENERATION

Southwest Generation operates eight gas-fired power generation facilities in... Read More

SYDNEY DESALINATION PLANT

Sydney Desalination Plant is one of the largest desalination plants in the world with a nameplate capacity... Read More

TRANSGRID

TransGrid operates the largest high-voltage electricity transmission network in Australia.  Stretching... Read More

PORTFOLIO MANAGEMENT TEAM

Team Member

​Brett Mitsch

Portfolio Manager of Utilities Trust of Australia

Brett joined Hastings in March 2016 and has over 25 years' experience in engineering, infrastructure, utility and corporate finance advisory in both Australia and the USA. Brett has advised on over $56b of M&A transactions for private, government and infrastructure investor clients, across the electricity, water, gas, seaport, mining and rail sectors in North America, South America and Australia. Brett has worked at a number of investment banks in New York and Melbourne including Goldman Sachs, Citigroup and Lehman Brothers. He has also worked in the corporate sector with EnergyAustralia in business development and ran his own corporate advisory firm providing advice to the coal mining sector on port and rail infrastructure development. He commenced his career as an engineer in the Australian water sector. Brett holds a Master of Engineering Science from Monash University, a Master of Business Administration with Distinction (H.J. Heinz Scholar) from Melbourne Business School, and a Bachelor of Civil Engineering (Honours) from Monash University. Brett is a member of the Institution of Engineers Australia and the Australian Institute of Company Directors

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UTA TRUSTEE BOARD MEMBERS

Team Member

Rob Jolly

Chairman, GAICD

Rob is a non-executive director and Chairman of the UTA Trustee Board. He was appointed as a director on 1 January 2011 and Chairman on 14 September 2011. He was reappointed as Chairman and director on 14 September 2014 and is a member of the ESG Committee, the Legal Committee and Chair of the Board Investor Relations Committee.
Rob is a former Treasurer of Victoria. Prior to assuming the role of Treasurer of Victoria, Rob held a senior role in the Australian Council of Trade Unions. He currently sits on the Boards of Independent Products Pty Ltd (Chair); and UTA Management Pty Ltd (Chair).
Rob is an honours graduate in Economics with a Master of Economics and a Diploma of Education from Monash University.

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Team Member

Jay Bonnington

Non-Executive Director, FAICD

Jay is a non-executive director of the UTA Trustee Board was appointed as a director in January 2012 and as an independent* director from 1 March 2015. Jay is the Chair of the Audit, Risk and Compliance Committee and a member of the ESG Committee.
Jay is currently a director of the Australian Rail Track Corporation, Perpetual Super Limited and SEFA Limited, and serves on several community boards. Jay worked for an international chartered accounting firm and moved into various industries as a senior financial manager. In 1985, Jay moved to Australia and held senior positions within the Transfield Group, and the role of Finance Director/CFO of Yallourn Energy Ltd, Head of Financial Services with NEMMCO, and National Director of CPA Australia, among others. She has held a number of board appointments including being a Director on the Port of Melbourne Corporation, VicPower Trading Ltd, and Trustee/Director of HESTA Superannuation Fund.
Jay holds a Bachelor of Commerce with a Masters in Business Administration from Monash University. She is a Certified Practicing Accountant and a Fellow of the Australian Institute of Company Directors.
(* the term independent means that Jay was appointed by directors of the UTA Trustee Board, rather than by UTA unitholders.)

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Team Member

Sally Collier

Non-Executive Director, GAICD

Sally is a non-executive director of the UTA Trustee Board and was appointed in December 2014. Sally is a member of the Audit, Risk and Compliance Committee and the Board Investor Relations Committee.
Sally has been involved in the financial services industry for over 30 years. She was formerly a Partner of a global leader in investment in private equity and infrastructure funds in London and Hong Kong and a member of the Management Committee of HSBC Investment Bank in London. She has extensive experience in the asset management and investment banking arenas, with a focus on strategy and business development. Prior to moving to London, Sally worked at BT Australia, Barclays Australia and the Federal Reserve Bank in the USA. Sally is also a non-executive director of Indue, a financial payments company.
Sally has a Bachelor of Economics from Sydney University and is a graduate of the Australian Institute of Directors.

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Team Member

Andrew Cooke

Non-Executive Director

Andrew is a non-executive director of the UTA Trustee Board and was appointed in February 2016 and is a member of the Board Investor Relations Committee.
Andrew is a Trustee Director of Avsuper, a profit for members super fund dedicated to the aviation and aviation safety industries.  He also provides independent consulting advice to Boards and CEO’s on Investment Governance, Portfolio Construction and Corporate Strategy, leveraging his 25 years working in investment markets.
Andrew has broad based investment experience both in Australia and overseas after a career as a fund manager in multiple asset classes and geographies.  Most recently he was the Chief Investment Officer and Portfolio Manager of Goldman Sachs & Partners Asset Management whilst prior roles included Global Head of Equity Research with Citigroup in Stanford, Connecticut and investment roles with Citigroup Australia and JP Morgan Asset Management.
Andrew has a Bachelor of Engineering, an MBA and is a Chartered Financial Analyst.

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Team Member

Anne-Marie Corboy

Non-Executive Director, GAICD

Anne-Marie is a non-executive director of the UTA Trustee Board and was appointed in March 2015. Anne-Marie is the Chair of the ESG Committee and a member of the Legal Committee.
Anne-Marie is currently a non-executive director of Bank Australia, the MDC Foundation, the Australian Commonwealth Games Foundation and TTNL Ltd. Anne-Marie was CEO of HESTA and Company Secretary to H.E.S.T. Australia Ltd from May 1998 to February 2015. Anne-Marie has also been Chair of Netball Australia, a Trustee with the MCG Trust, a member of the Ministerial Advisory Panel on Financial Advice and Professional Standards, a Director of the Peter MacCallum Cancer Centre, the Australian Council for Superannuation Investors, Women in Super and the Victorian Superannuation Board, a Trustee for the State Superannuation Board in Victoria, Chair of the Northern Health Board and Kangan Institute Council, an Advisory Board Member of the Foundation for Sustainable Economic Management and a Board Member for AIST. Anne-Marie is a member of Chief Executive Women.
Anne-Marie is a Graduate of the Australian Institute of Company Directors and holds a Bachelor of Arts, Diploma in Education, Bachelor of Education, Diploma of Financial Services and AIST Certificate of Super Practice.

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Team Member

Andrew Elliott

Non-Executive Director

Andrew is a non-executive director of the UTA Trustee Board and was appointed in August 2012. Andrew is a member of the Legal Committee and the Board Investor Relations Committee.
Andrew is the Deputy Chief Investment Officer of the Victorian Funds Management Corporation (“VFMC”), which manages the investment portfolios of several Victorian public sector entities. Andrew joined VFMC in April 2007 from Deutsche Asset Management (Australia) Limited (RREEF Infrastructure) where he was a Director in infrastructure funds management.  He has over 20 years experience in asset management and legal roles. He jointly lead the VFMC Private Markets team covering unlisted infrastructure, property and private equity prior to becoming Deputy CIO in 2008 and continues to oversee unlisted investments as part of his current role.  Andrew has extensive experience in unlisted investments including deal origination, review, execution and ongoing portfolio management. He formerly sat on the boards of Epic Energy, Yallourn Energy, Australia Pacific Airports Corporation and Port of Geelong.
Andrew holds a Bachelor of Laws (Hons) and a Bachelor of Commerce from the University of Melbourne.

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Team Member

Peter Kennedy

Non-Executive Director, FAICD, FAIB

Peter is a non-executive director of the UTA Trustee Board and was appointed in January 2015. Peter is a member of the ESG Committee.  Peter joined national construction company Hansen Yuncken in Victoria in 1972. Peter held a number of senior positions in the company, including CEO for 17 years, prior to his retirement after 40 years of service in 2011. In his role with the company he was involved in a number of major projects including Public Private Partnerships, the largest project which he was instrumental in negotiating being the New Royal Adelaide Hospital worth $1.8 billion.
Peter currently serves on a number of Boards including CBUS superannuation fund as well as managing his own investments.
Peter has also contributed to the development of the Construction Industry through his involvement in a number of industry related associations; in 2008 he was made a life member of the South Australian Master Builders Association in recognition of service to the industry over many years and is currently past National President of Master Builders Australia.
Peter completed 3 years of a RMIT Building Diploma and is a Fellow of the Australian Institute of Directors and a Fellow of the Australian Institute of Building. 

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Team Member

Dr. Ian Lundy

Non-Executive Director, GAICD

Ian is a non-executive director of the UTA Trustee Board and was appointed in February 2016. Ian is a member of the Audit, Risk and Compliance Committee.
Ian is the Chief Investment Officer of the Retirement Benefits Fund (RBF), the Tasmanian public sector superannuation scheme with over $5.4bn of assets under management. He is a director of trustee company RBF Property Pty Ltd and was instrumental in the establishment of RBF’s Valuation Committee which reviews the external asset valuations of a variety of unlisted unit trusts held by RBF.
Since 2012, Ian has been a director of Hobart International Airport Pty Ltd which is 49.9% owned by RBF.  Ian has over 19 years’ investment experience and prior to joining RBF held senior roles in asset consulting and funds management.
Ian was awarded a Ph.D. in Applied Mathematics from the University of Adelaide and is a Graduate of the Australian Institute of Directors.

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Team Member

Alan Millhouse

Non-Executive Director, FAICD

Alan is a non-executive director and Manager’s Representative on the UTA Trustee Board and was appointed in November 2014. Alan is a member of the Audit, Risk and Compliance Committee and Chair of the Legal Committee.
Alan is a former President of the Banking and Financial Services Law Association of Australia and New Zealand, a former President of the Infrastructure Association of Queensland and a former executive committee member of the Australian Council of Infrastructure Development and Infrastructure Partnerships Australia.
Alan has also served as President of the Queensland Japan Chamber of Commerce and Industry and is the Queensland Chairman and serves on the national board of the Australian British Chamber of Commerce. Alan has also served as a director of various public and private companies (including Queensland Motorways Limited and SunWater Limited) and is a Fellow of the Australian Institute of Company Directors. Alan also serves as chair of Building Queensland, a statutory body established to provide independent expert advice to the Queensland Government on infrastructure matters.  Alan is a former banking and infrastructure partner of Allens Linklaters and is now a consultant to the firm.  Alan is an Adjunct Professor in Law at the University of Queensland.

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