Pepper UK has reported a 100% rise in assets under management during its first year under new ownership.
In the 12 months since Pepper Group bought Oakwood Global Finance LLP, it has grown its portfolio from £2.2 billion to £4.4 billion. Furthermore, it claims that, based on contractual commitments, will see further growth to over £5bn by the end of the calendar year.
The bulk of this growth came from two books that were migrated to Pepper’s platform, which comprise over 17,000 individual mortgage accounts originated by a number of specialist lenders from the past decade and beyond. These include performing and non-performing loans.
The remainder of the growth has come from a new lender, which is using Pepper’s post completion loan services.
Richard Klemmer, CEO at Pepper UK, said: “This growth comes from success in three different areas: first, we brought on board a new client – maintaining our 100% record for migrations on time and on budget; secondly we also saw substantial growth in assets under management for an existing Pepper client, and finally we have successfully helped a lender bring new mortgage products to market and grow its portfolio.
“We believe that ours are the biggest aggregate boardings of the past two years for any independent third party servicer in the UK market. And with the growth already committed to in our pipeline, we expect to see our domestic assets under management break the £5billion barrier by the end of 2014.
“We never underestimate the technical complexities of bringing books of this scale onto our platform. Behind the scenes we deal with the challenges of moving from different lenders’ systems onto our own, while at the front end we have to ensure that every single customer – in this case tens of thousands of them – receives a seamless service and support on their account. Our entire team has consistently delivered this to the highest standard.”
