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Aircraft Fund hires ex-Qantas senior executive

21-Dec-2009

The Australian-based Investec Global Aircraft Fund (“IGAF”) today announced that it has appointed ex-Qantas senior executive John Borghetti to join its investment committee.

Mr Borghetti had 36 years experience with Qantas where he held the position of executive general manager before leaving in mid-2009. John’s appointment to IGAF brings the investment committee to six members, and further strengthens the aviation skills of the committee.

IGAF executive David Phillips said they are very pleased to have Mr Borghetti join the IGAF business.

“We believe John will bring a unique ability to provide insight into the operating capability of the airline counterparties that we are considering leasing to,” said Mr Phillips.

Fund executive and global head of aviation for Investec Bank, Michael Weiss, said that John brings in-depth knowledge of the aviation sector.

“John’s knowledge can only come from years of experience working within an airline and will ensure that IGAF continues to build on its recent success," said Mr Weiss.

IGAF currently has seven aircraft with a total value in excess of US$500 million and is currently undergoing a second capital raising.

Mr Phillips said IGAF has outperformed its target returns since it was launched in early 2008 and has recently increased its cash distributions to investors from semi-annual to quarterly, emphasising the strong cash flows generated by the sector.

“The new capital being raised is already earmarked for numerous new leasing opportunities with strong counterparties and we believe 2010 will continue to be an ideal period to grow IGAF’s asset base with high-utility, new-generation commercial aircraft,” he added.

The Investec Global Aircraft Fund is managed by Investec Capital Markets.