Macquarie dismisses MIRA European head

09 September 2016 - 12:00 am UTC

Macquarie has dismissed Edward Beckley (pictured), the head of its European infrastructure fund management business, InfraNews understands.

Martin Stanley, the global head of Macquarie Infrastructure and Real Assets (MIRA), has assumed Beckley’s responsibilities as MIRA’s head of EMEA. 

It is understood he was dismissed after he approached colleagues over joining him in the formation of an independent infrastructure fund unconnected to Macquarie.

Macquarie has contacted investors in its European infrastructure funds to notify them of its decision to dismiss Beckley.

In these communications, Macquarie said Beckley was dismissed for a “breach of employment contract” in what was an “isolated event”.

Beckley is a well-known figure in the European infrastructure sector, having been involved with infrastructure investing in Europe for the Australian bank for almost two decades.

Beckley was also a member of MEIF’s investment committee and during his career at the investor has sat on the board of many portfolio companies, including Wales & West Utilities, Arqiva, NCP Car Parks and Thames Water.

It is understood Beckley was dismissed in early August, around the time Macquarie was reaching final close on fundraising for Macquarie European Infrastructure Fund 5 (MEIF 5). His dismissal ultimately meant the final close had to be delayed. Macquarie announced in a statement last Tuesday (6 September) it had reached its hard cap target for the fund with EUR 4bn of capital.

Investors in MEIF 5 were informed of Beckley’s departure in advance of the fund’s final close, it is understood.

Beckley joined the investment banking advisory business in London in 1999, and subsequently worked on acquisitions primarily for MEIF I. In 2006, he moved to the MIRA business to focus on subsequent European funds and was appointed European head in 2011.

London-headquartered MIRA has eight senior managing directors located in Europe and 23 managing directors. 

Edward Beckley could not be reached for comment.