Wellington fund manager Lord Abbett is investing $1.5 billion in new funds that will allow the city to grow faster and create jobs.
The fund manager announced the move at the Wellington Conference on Monday, saying it would provide “an opportunity to accelerate the pace and scale of the city’s economic recovery.”
The new funds will allow Wellington to expand its economy and create more jobs by using “small, agile, resilient, and sustainable strategies.”
Lord Abbett has previously announced that the funds will be used to increase investment and reduce risk in the city.
He has previously said the Wellington fund manager will focus on “fundamentals and the value of the assets we have, in terms of their provenance, utility, or ability to perform in the future.”
New funds will focus mostly on Wellington’s transport infrastructure, infrastructure to support the construction of new public transport systems, as well as other key areas such as housing, the environment and the health care system.
In the next three years, Lord Abett expects to invest $100 million in the new funds, which will be distributed to local communities through local councils.
“We want Wellington to be a city that’s built for the future,” Lord Abitt said.
According to the fund manager, the funds have been designed to give Wellington “an easy and low-cost way to invest” and “provide a safe and efficient route to financial returns and an effective way to access capital to create new jobs.”
In an interview with Recode, Lord Barwell said the new Wellington funds are a “great way to expand and accelerate our growth in the capital and to make a positive impact on our residents, businesses and society.”
“This will enable Wellington to become the best city it can be,” Lord Barlow said.
“We can’t do it without it.”
Read more about the Wellington conference here:
