One of the biggest overseas investors in UK infrastructure is considering taking out political risk insurance for the first time to guard against renationalisation of key assets if Labour comes to power.

IFM Investors, an Australian giant that manages the pensions of 15m members, holds a 20% stake in Anglian Water, putting it directly in Jeremy Corbyn and John McDonnell’s line of fire. Its other assets include airports, the M6 toll road and the TV masts supplier Arqiva.

After years of snapping up British infrastructure assets, overseas investors are scrabbling to assess the possible fallout from Corbyn’s economic agenda, which includes nationalising train companies, water and power suppliers.

Chief executive Brett Himbury said that alongside factors such as Brexit, Donald Trump’s tariffs, and Italian and