Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Samir Desai 1
May 18 2017

Funding Circle founder steps back from P2P investment trust

Marc Shoffman Industry News, News Funding Circle, Funding Circle SME Income Fund, investment trust, p2p, Richard Boleat, Sachin Patel, Samir Desai

FUNDING Circle’s Samir Desai (pictured) has stepped down from the platform’s investment trust to focus on the peer-to-peer lending side of the business.

Desai, who was a non-executive and non independent director of the Funding Circle SME Income Fund (FCIF), launched in November 2015, will now focus on his duties as chief executive of the Funding Circle Group, according to a stock market announcement.

This is the third Funding Circle division that Desai has stepped back from in the past month after he had directorships terminated at Funding Circle Property Finance and Funding Circle Trustee, according to Companies House documents.

Read more: Funding Circle to shut down forum after property loan debate

His position at the investment trust will be taken by Sachin Patel, chief capital officer at Funding Circle.

Richard Boleat, chairman of FCIF, paid tribute to Desai.

“I would like to extend my thanks to Samir for his time on the board since listing the company, and welcome Sachin as our new director and Funding Circle representative,” he said.

“Sachin has been deeply involved with the fund since inception through to initial public offering and beyond, and as chief capital officer, his expertise will allow us to continue to manage and grow the company in due course.”

The FCIF invests in loans on the Funding Circle platform. It raised £142m last month through a C share issue and its net asset value has returned 6.93 per cent since inception.

Read more: Funding Circle’s fund doubles in size after raising £142m
Read more: Alternative finance funds beat the sector average for dividend yield

Ranger Direct eschews possibility of property loan write-offs Crowd2Fund plans foray into commercial property finance

Related Posts

Bank of England

Industry News, News, Top 3

Bank of England supports fintechs to scale-up

Woman has video conference with her remote team using laptop and camera

Industry News, News, Top 3

Remote working set to continue for finance and tech workers

Businessman is pressing button on touch screen interface and selecting "Pricing".

Industry News, News, Property, Top 3

Blend Network updates product prices

Popular posts:

  • Business Loan Network appoints administrators
  • Starling Bank ready to acquire a lending business
  • Funding Circle chief turns down £190,000 pay rise
  • LCF law firm responds to Treasury compensation scheme
  • PwC brings fintechs together for collaboration
  • Chancellor unveils raft of measures for fintech sector
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by