Assetz Capital in “process of re-evaluation” of staffing requirements
Assetz Capital is in a “process of re-evaluation” regarding its staffing requirements, its chief executive has revealed.
Stuart Law told Peer2Peer Finance News that job consultations were happening as part of the company’s wider re-evaluation, but he did not say how many jobs were affected. He said there had been no redundancies as yet.
Law said that the re-evaluation is due to Assetz’ change of direction and a wider economic context in which he sees lenders facing a steadily diminishing retail investor base and growing regulatory pressures.
Assetz announced last month that it was winding down its retail investment book over the next five years, as it pivots away from its peer-to-peer lending roots to becoming a purely institutionally-funded lender.
“Frankly, if you’re not assessing your cost base, perhaps you’re not paying attention to the economic environment,” said Law, pointing to news of the loss of 18,000 jobs at Amazon earlier this month.
“If all of the other big names in tech and finance are doing exactly the same thing, I think you should be asking why you’re not doing it. There is a rule for that that isn’t there, if everybody else around you is doing something then maybe it’s not them, it’s you.”
Assetz’ average loan value is set to increase significantly as a result of its move towards purely institutional funding.
It is now on a recruitment drive to hire relationship directors with expertise of high-value lending, as part of its change in strategy.
“We’re definitely looking for relationship directors who’ve got skills in higher loan values”, Law told Peer2Peer Finance News today.
“Our range nowadays is from £1m to as much as £50m, where in the past it was £200,000 to maybe £10m. So, there’s been a move up and we’re certainly looking for more experienced people who are used to dealing with bigger loans.”
The commitment to a shift in hiring policy followed news that the lender had hired former Leumi UK property finance specialist Richard Martin as a regional relationship director in the South East.
Read more: Assetz chief: Institutions will drive us towards £2bn of lending
“Lending is in an interesting moment again, and I think people should be assessing the state of the economy, the state of the market, the state of the housebuilding market,” Law added. “People should really be being cautious at the moment.”
Read more: Assetz chief expresses regret at retail exit
