In a stock exchange notice today (7 December), the board said Matt Ridley, partner at Schroders Greencoat, will succeed Fumagalli to co-head the investment management team and manage UKW alongside existing co-manager Stephen Lilley.
Ridley currently serves as head of private markets at Schroders Greencoat, where he has delivered private markets capital for co-investment alongside the trust and has contributed to strategy, valuation, investment and other board matters during his time at the firm.
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He has 16 years' renewable energy investment management experience, spanning the development, construction and operational phases. Prior to his role at Schroders Greencoat in 2021, he was head of equity infrastructure at Temporis Capital.
"On behalf of the board, I want to thank Laurence for his contribution to Greencoat UK Wind. Laurence, alongside Stephen, launched UKW in 2013 as the first listed renewable infrastructure fund," said Lucinda Riches, chair of UKW.
"Since listing, Greencoat UK Wind has established a strong track record of delivering significant shareholder value, with a total shareholder return of over 150%, whilst enabling the continued build out of renewable energy across the UK.
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Riches said that the board has "worked closely" with Ridley over the last two years and is "delighted" that he is joining as co-head of investment management alongside Lilley.
"Matt brings a broad range of experience and technical capabilities to this role, and we look forward to working with him even more closely," she said.
In a research note, Stifel analyst Iain Scouller said Fumagalli's decision to leave day-to-day management of the listed fund portfolio "is no great surprise".
"He has been involved in the fund since its launch around ten years ago and it is a few years since the completion of Schroders purchase of the Greencoat management business, which we assume was financially lucrative for senior management," he said.
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Scouller noted that the only senior managers to date who have presented at analyst meetings and other events have been Lilley and Fumagalli.
Therefore, he added that the introduction of new members of the team to the investment community will be "fairly key" in retaining investor confidence in the fund and future strategy.
"This will be especially important, as and when, Stephen Lilley announces his intention to step down, potentially at some point in the next couple of years," he added.