Hastings appoints new MD as founder departs

Infrastructure and alternative investment manager Hastings Funds Management has announced its director private equity Tim Poole will head the group next year following a transition period and prior to incumbent managing director Mike Fitzpatrick departing.

Hastings, which was established in 1994 and later acquired by Westpac Bank in October 2002, is one of the largest infrastructure investment managers in the market with $2.1 billion in funds under management.

Poole, who joined Hastings in November 1995 and was responsible for the establishment of the Hastings Australian Infrastructure Fund, will take over from group founder Fitzpatrick at the expiration of his contract on July 1 2005.

Westpac Institutional Bank group executive and Hastings chairman Phil Coffey says the move demonstrates the bank’s commitment to Hastings.

“Westpac is committed to ensuring that Hastings’ boutique culture and high standards of governance are retained,” Coffey says.

“Mike has been an exceptional and visionary leader, and we are confident Tim will continue to develop Hastings’ position as one of the country’s premier alternative asset managers,” he adds.

Fitzpatrick says the 15-month handover period will ensure a smooth transition and continuity for both clients and staff.

Tim Poole says he is looking forward to the challenge of leading the group.

“I am delighted to have been selected, and look forward to continuing Mike’s leadership in the alternative investment fields of infrastructure, alternative debt, timber and private equity,” Poole says.