RateSetter claims the title of UK’s largest peer to peer lender by monthly volumes. The platform has lent over £173 million in 2015 alone. The direct lender is looking to boost those numbers by targeting institutional funds and they have hired Colin Hodges to lead their Lending Operations.
Hodges joins RateSetter at a time of rapid growth. In the US peer to peer lending has experienced hyperbolic growth as institutional money has poured into the direct lending platforms. This has not yet been the case in the UK but this is starting to change. Hodges brings experience from UK fund distribution and will manage the increasing interest from wealth managers and other funds. He has over 28 years of experience working in financial markets, in asset management and investment banking. Hodges was previously with Frontier Gottex where he was Chief Operating Officer, overseeing the company’s product range and UK distribution strategy as well as the operational infrastructure of the business.
Hodges also spent seven years with Gartmore Investment Management, as Chief Executive of Gartmore’s Japanese business in Tokyo before returning to London to manage the product range and marketing functions for its European Retail Business.
“Peer-to-peer lending is gaining scale and garnering interest from wealth managers and institutions. As the platform with the largest current monthly volumes, RateSetter offers depth,” stated Hodges. “I am looking forward to growing this area of the business, alongside RateSetter’s core, and rapidly expanding, retail customer base. I became a peer-to-peer lender myself with RateSetter and so saw first-hand what is going on – I was then keen to join this industry.”
“We are timing our run with regard to speaking to bigger pools of money and I am delighted that we have brought Colin in with all of his experience in both the retail and institutional markets. Our objective is to build the biggest lending and borrowing market in the UK and for the RateSetter rate to become a benchmark rate. Colin knows the product and is going to be a big help.”
RateSetter expanded into Australia in November of 2014. There is an expectation the platform will move into other markets at some point in the near future.