SHARES in sustainable investment manager Foresight Group rose as much as three per cent yesterday after the firm announced the appointment of Ricardo Pineiro as a new co-head of its infrastructure division after rapid growth in demand for sustainable infrastructure investment.

Foresight also said its assets under management rose 13 per cent to £8.1bn in the six months to 30 September, up from £7.2bn in March.

Group revenue was in line with expectations at £39.7m, up 22 per cent from £32.4m a year earlier, of which Foresight said 89.5 per cent was "high quality recurring revenue", and largely attributed to an increase in management fees.

It comes after Foresight branched out with an IPO of its Sustainable Forestry Company to invest solely in UK forestry assets, which came in at the lowest end of its fundraiser target at £130m - shy of the £200m goal.

"I was surprised it didn't get nearer to £200m, if I'm being honest with you," said chairman Bernard Fairman.

"But as the market grows more comfortable over the next couple of years, I could see it hitting £1bn."

(c) 2021 City A.M., source Newspaper