RATESETTER has hired asset management heavyweight Paul Manduca (pictured) as non-executive chairman to help guide the platform through its next phase of growth.
Manduca will join the peer-to-peer lending platform’s board on 1 June and replace outgoing chairman Alan Hughes on 17 July as Hughes’ three-year term at the firm comes to an end.
The City veteran is currently serving as chairman of insurer giant Prudential and he founded Threadneedle Asset Management in 1994. He went on to become global chief executive of Rothschild Asset Management in 1999 and European chief of Deutsche Asset Management in 2002.
Manduca then served as president of JPM European Smaller Companies Investment Trust in 2005 and took on the same role at risk management firm Aon UK in 2006.
At present, he is also chairing the advisory council of trade body TheCityUK.
“Lending as an asset class has always been a virtual monopoly for the banks,” said Manduca.
“For the first time it is being opened up to ordinary investors, which is good for investor returns and for the UK economy. RateSetter is a pioneer in the sector and has set high standards. I am excited to join such a forward-thinking business and look forward to helping the company embark on this new phase in its development.”
RateSetter’s chief executive Rhydian Lewis said Manduca’s authoritativeness in business governance and asset management will help the platform “enormously in our aspiration to make [it] a benchmark brand in lending and borrowing.”
“I am delighted that a figure with Paul’s stature has agreed to become chairman of RateSetter at this important new phase in our development,” he said. “RateSetter is giving ordinary investors the opportunity to earn more and borrowers an opportunity to look beyond their bank.”
Departing president Hughes said his successor joins the firm at a very exciting time.
“This is an excellent appointment,” he said. “Paul’s extensive experience means that he will provide invaluable input from a unique perspective. He is arriving at a very exciting time for RateSetter, with huge opportunities ahead.”
The platform recently re-geared its lending capacity to boost its business lending and is looking to further diversify across multiple channels.