JP Morgan Asset Management (JPMAM), the asset management unit of the US investment bank, is moving into the infrastructure debt space with the creation of a dedicated infrastructure debt team led by Bob Dewing.
Dewing, who has been acting as a consultant for JPMAM for the past nine months, has been tasked with setting up a new infrastructure debt team – bringing together staff from JPMAM’s Global Fixed Income and Global Real Assets groups – that will focus “on infrastructure debt instruments, primarily seasoned loans with attractive risk adjusted yields, originated by project finance banks,” JPMAM explained in a statement.
“Becoming increasingly focused on capital returns, and with traditional sources of longer-dated infrastructure credit such as bond insurance no longer available, we are finding banks are seeking new ways to recycle their limited capital while maintaining or expanding their infrastructure financing business,” Dewing commented. To which Mark Weisdorf, chief executive of JPMAM’s Infrastructure Investments Group, added:
“The growing volume of infrastructure debt holders looking to divest is exciting. However, our experience shows that few investors are actually able to access the full range of loans banks are holding.”
Prior to joining JP Morgan, Dewing held several senior positions at Citigroup. He is also an Adjunct Professor at Colombia University’s Graduate School of Business, where he teaches project finance.