More key hires for Aldermore’s senior Asset Finance team
Aldermore Bank has made four further senior appointments to its Asset Finance team:
Sean Jones joins as Head of Broker Sales from Hitachi Capital. Sean brings with him extensive experience in the broker introduced asset finance market having held senior sales roles covering more than two decades at ING Lease. Lee Rhodes joins Aldermore Asset Finance to lead its Structured Finance and Block Discounting activities. Lee has built a strong portfolio of experience most recently at Investec and ING Lease. His appointment reinforces Aldermore’s commitment to the wholesale finance market and specialist lending activities. Kevin Tonge joins from Hitachi Capital having previously built a successful asset finance career with ING Lease. Kevin will lead Aldermore’s commercial support team, providing technical and compliance advice to introducers as part of Aldermore’s strategy to be easy to do business with. Tim Biddle joins Aldermore from Siemens Financial Services as Business Development Manager, leading Aldermore’s new product development and deployment efforts. These appointments by Aldermore are the latest of a recent wave to strengthen its team. The recruitment drive forms part of Aldermore’s commitment to support SMEs even further in 2014, aiming to lend over £750 million throughout 2014.
Carl D’Ammassa, Managing Director for Asset Finance at Aldermore comments, “The Asset Finance team at Aldermore has grown significantly recently in terms of both size and quality. If we want to cement our position as a leader in the market then continuing to enhance our team of industry-leading experts is absolutely crucial so that we can provide the best possible service for our customers. These appointments speak further to that strategy.read more...
Promising 2014 start for UK asset finance
January statistics from the Finance & Leasing Association show that new business grew by 9 percent to almost £1.7 billion in January 2014, compared with the same month last year.
Key asset sectors reported double-digit growth, with commercial vehicle finance up 25 percent, business equipment finance up 21 percent, and plant and machinery finance up by 13 percent. IT equipment finance reported modest new business growth of 3 percent compared with the same month in 2013.
Geraldine Kilkelly, Head of Research and Chief Economist at the FLA said, “The positive start to 2014 follows exceptionally strong growth . .read more...
SGEF teams with Green Investment Bank
A new £50 million fund to boost energy efficiency in the UK has been set up as a result of a new alliance that has been formed between the UK Green Investment Bank (“GIB”) and Societe Generale Equipment Finance (“SGEF”). Both of the organisations will be putting £25 million into the programme, with money to be used for projects such as a £5 million scheme at Rampton Hospital in Nottinghamshire.
The aim of the new programme is to merge SGEF’s know-how in equipment financing with additional capital and expertise from GIB. The impact of this will be helping public and private sector organisations to reduce their energy costs and greenhouse gas emissions. The £5 million investment that is being made at Rampton Hospital is set to be used to finance the installation of a combined heat and power plant. It will also pay for the fitting of dual fuel boilers, biomass boilers and an effluent treatment plant . .read more...
Another success for the FLA
Congratulations once again to Linda Charles and her team for organising yet another hugely successful Annual Dinner at the Grosvenor House in Park Lane. The guardians of FHBR showed once more that the disparate groups of motor finance, consumer finance, and asset finance could meld as one, and with business statistics all showing the signs of an upturn, Stephen Sklaroff, the director-general, could assure the gathering that all was well. The many generous sponsors included Equifax, Locke Lord (UK) LLP, White Clarke Group, Close Brothers Asset Finance, De Lage Landen, Invigors, Santander, and Great American Lease & Loan Insurance.
Those in the know come early, to catch a quick drink in the famous Red Bar, or at the invitation of Suite sponsors such as DWF, NetSol, Gateley, Shoosmiths, and DLA Piper. When the dinner bell goes, it then takes a good quarter of an hour for the fourteen hundred or so people to file into the Grand Ballroom, and find their places at one of the 138 tables. The MacMillan Cancer Support charity had provided envelopes on each table for members to make donations to this worthy cause, and the collectors who went round patiently explaining how to complete the multipart envelopes, and gathering them all in, are also worthy of mention.
So, to the guest speakers, surely the highlight of any FLA dinner. The principal guest speaker was Sajid Javid, recently appointed Financial Secretary to the Treasury, and MP for Bromsgrove. His message was about the transfer of OFT responsibilities to the FCA, the purpose of which would be to punish only the rogue firms, while not punishing good firms with more red tape and paperwork. His department had worked to ensure the new rules were appropriate, not onerous, and above all manageable. However, back in the real world, some members of the audience could think of at least five hundred asset finance brokers who would violently disagree.
Then on came Marcus Brigstoke, now his performance was a cracker! Marcus has been on before, last time he was good, but this time he was celestial, definitely money well spent by sponsor Close Brothers Asset Finance. The opening line was familiar for an FLA Dinner, “Gentlemen, gentlemen and gentlemen, oh and a few ladies . . .” but then he warmed to a theme around the EU and Greek sovereign debt. The picture he painted of Greece joining the EU being like an underage teenager trying to get into a Disco run by a German Techno DJ was so brilliantly developed that he had the whole room in stitches, even a French guest and a Belgian guest on a nearby table couldn’t control their mirth.read more...
Aldermore’s ongoing UK SME drive
Aldermore, one of Britain’s leading challenger banks, has further strengthened its Asset Finance team with three key hires. Carl D’Ammassa, Managing Director for Asset Finance at Aldermore stated, “These appointments continue to signal our intent to the marketplace that we will significantly increase our funding to SMEs across the UK. Key to that is to provide even better support to our introducer partners, and I am confident these hires will be a big step towards achieving that.
“Despite recent improvements in the economy, SMEs are still having difficulty in obtaining financing. We are determined to do all we can to change that and have made more than 30 additions to the Asset Finance division at Aldermore in recent months to make this a reality.”
These three appointments follow the announcement of three other senior hires into the Asset Finance team just last month. This latest wave is part of Aldermore’s plan to increase its funding of SMEs in Britain to £750 million in 2014. Carey Hansford joins Aldermore’s Structured Finance team as a Business Development Manager from GE Capital. She was at GE for over twenty years, and was most recently a funding manager in their equipment finance department.
Eamonn Pearson becomes Head of Internal Sales at Aldermore. He is joining from Close Brothers, where he was a regional director. Eamonn has over 20 years’ experience in the industry. Finally, Mandy Woodford moves internally into an external-facing role in the Materials Handling team as Business Development Manager . . .read more...
Acquis appoints European Corporate Advisor
Acquis Insurance Management has announced the appointment of John Bennett as Corporate Advisor. This new role will involve Bennett in both market and product development for Acquis, with a focus on extending the Acquis coverage outside the UK. Acquis is further developing its business offering in Europe, and is planning a significant expansion of its international business over the next two years.
“We are delighted that John Bennett, who has extensive experience of the European asset finance markets, will be working with us at an exciting stage of our development, and I am sure John can help us achieve our objectives and assist us in the next stage of our development,” commented John Chadwick, Director of Acquis.
“I have been impressed with the progress Acquis have made in the four and a bit years since they were established,” said Bennett , who will also continue to operate as an independent consultant under the JB Associates banner, “and I am looking forward to working with an experienced management team who have ambitious growth plans.”read more...
A bit of clarity required?
From calls made to Key Equipment Finance in the UK and Germany, an impression is forming that a number of their top executives in the UK and Central European side of the company, no longer work for the company. Could this be as a result of a decision to reduce the size of the business in the UK and Europe, or even that the company is now closed to new business in this region? Difficult to surmise as the ground for such a move would normally be well prepared with suitable announcements, and ideally a full presentation of the facts. We look forward to seeing some clarification of the future of their EU operations, from the US parent, in due course.
Clearly there has been restructuring and reorganisation going on in the EU part of Key Equipment Finance’s business in recent years, though sometimes not without its problems . .read more...
New high for captives’ volumes
The UK’s largest manufacturers have increased the amount of lending they provide to their customer to a new post-credit crunch high, according to research by LPM Outsourcing (“LPMO”), a leading provider of services to the asset finance sector. Credit provided by the UK’s Top 35 manufacturers to their customers has increased to one and a half times what it was the start of the recession, rising by 47 percent from £10.9 billion in 2008 to over £16 billion in 2013.
LPMO says that manufacturers have stepped up their lending as a means of securing sales to customers that have been finding it increasingly difficult to obtain funds from their banks. The UK Top 35 manufacturers have added an extra £200 million in credit to their clients in the last year alone. Ian Dennis, Business Development Director at LPMO, explains, “The credit crunch meant many manufacturers’ customers found it difficult to get funds from their banks to buy new or replacement equipment. Many larger manufacturers stepped in to fill that lending gap and ensure that sales did not grind to a halt.
“Now, although the general economic outlook has improved and businesses are far more confident about investing for growth, bank lending is still very far behind pre-crisis levels. That’s not likely to change because banks are under such pressure to increase the amount of capital they hold on their balance sheets, making their lending activities less profitable.read more...
KPMG joins Leaseurope
Leaseurope has announced that KPMG has signed up as its newest Associate Member. KPMG partner and Dutch segment Lead Leasing, Evelyn Vinke-Smits, said, “By joining Leaseurope as an Associate Member we underline the importance of active knowledge-sharing and a valuable networking platform in the leasing industry. We consider leasing as an important market in stimulating the economic growth in Europe by financing key assets for both large and SME companies. We view Leaseurope as a high quality organisation that not only strives for a continuous dialogue with different stakeholders on regulatory and accounting changes but also stimulates its members to be supportive to change and innovation and new and sustainable business models. As a professional audit, tax and advisory firm, we are pleased to contribute to this agenda for the future.”read more...
Come on you Brits!
LeasingWorld has been informed that the Leaseurope 2013 Ranking Survey of Top European Leasing Companies is NOW OPEN. The aim of this survey is to establish a precise picture of European leasing firms and their activities using data straight from the companies themselves.
Up till now British lessors have shied away from submitting their figures, citing vague reasons like Data Protection, and confidentiality. Continental lessors do not seem to suffer any such constraints. Last year no UK lessor appeared in the top 25 listing, which is clearly misleading as there are several that ought to, and it may seem to some that the UK has a phantom leasing industry.
So, we urge a full turnout for UK lessors this time round, it surely can't be an insurmountable request? Companies willing to participate are asked to provide their new business and outstandings for the year 2013 and a ranking table is produced based on this information. The ranking is broken down according to the type of assets financed, i.e. equipment, automotive and/or real estate.read more...
GE Capital tie-up with Dell
GE Capital, Commercial Distribution Finance (“CDF”) has been selected by Dell Financial Services (“DFS”) as a financing source for channel partners selling Dell products and services. In addition to select countries in North America and Europe where financing is already available, both parties intend to continue expanding the program in 2014, and beyond.
The program offers subsidised interest on extended repayment terms while allowing Dell channel partners to request additional credit capacity. Combined with GE Capital’s global channel expertise and 24/7 online account management system, this new program can help them succeed in today’s economic environment. “Whether a Dell reseller is expanding the services it offers, or just needs to provide credit to its end-users, we’re in the business of supporting the working capital needs of the channel,” said Mike Marcolina, managing director of GE Capital CDF.read more...
Bullish outlook for European leasing
Leaseurope and consultants Invigors EMEA, have published their latest Leaseurope/Invigors European Business Confidence Survey (“EBCS”), which was conducted in December 2013. The findings indicate that respondents are noticeably more optimistic about the next six months, with many of the survey’s measures showing a significant improvement from the previous survey conducted in June 2013.
Commenting on these results, Invigors EMEA Partner Richard Ryan surmised, “Business sentiment in the European asset finance industry is markedly more positive as the outlook for growth in many European economies continues to improve. Over 60 percent of respondents in the December survey are more optimistic . .read more...
Major Lease Accounting & Tax conference
On Tuesday 29th April in London, a gathering of lease accounting and taxation experts will gather to inform and discuss the ramifications of the many aspects of current accounting and tax issues that are impacting the leasing. Under the chairmanship of David Maxwell, a member of the IASB/FASB Working Group on Leasing, as well as CEO of Classic Technology, the full day conference will present experts such as Sarah Geisman - IASB, Charlotte Lo - KPMG, Twan van Limpt - EY, Enzo Ciccia - PwC, David Choppings - <oore Stephens, and George Tonks - Invigors, complemented by practitioners such as Andrew Tempest from EasyJet, and Andrew Apps from BP.
For those who really want to roll their sleeves up, the following day, April 30th, features the all-important practical session - Practical Application of the Leasing Standard - which will have delegates doing case studies, practical examples, and hands-on exercises.
To view the prospectus, CLICK HERE.read more...
ED 2013: lukewarm response
Leaseurope has produced a brief document providing insight into the views of the most important European stakeholder groups in the context of ongoing the review of IFRS lease accounting. While it is not intended to be an exhaustive analysis of the more than 600 comment letters submitted to the IASB and FASB on their 2013 Exposure Draft “Leases”, which is the third round of public consultation on this project, it makes reference to the official positions of these stakeholders. The document can be used as a starting point to better understand whether and to what extent the proposed changes to lease accounting would be useful or appropriate in a European context. Here are some extracts from the views of the various parties who commented on the 2013 ED (the full document can be downloaded here):read more...
Insurance Mediation Directive
In Brussels, the Economic and Monetary Affairs (“ECON”) Committee, the European Parliament’s lead committee on the revision of the Insurance Mediation Directive (“IMD 2”), adopted its Report on the Commission’s Proposal. Eurofinas, and Leaseurope, representing the voice of consumer credit providers, the leasing, and the automotive rental industry at European level, said they welcomed the fact that the Parliament has maintained a differentiated approach between the different distribution channels, as proposed by the European Commission, providing for a simplified declaration procedure for ancillary insurance intermediaries. An undifferentiated approach might have placed an unnecessarily heavy burden on lessors who routinely offer insurance with their leases.read more...
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