View more on these topics

Kensington not planning to replace exiting chief

Kensington Mortgages chief executive Alison Hutchinson is to step down in March and is unlikely to be replaced.

The announcement has fuelled speculation that parent Investec has still not decided on the pioneering non-conforming lender’s future direction.

Staff at Kensington will report directly to Investec capital market division head of principal finance Andy Clapham, following the integration of the lender within Investec’s capital market division.

Hutchinson is the second chief executive Kensington has lost in a year. Former chief John Maltby left last March after Kensington issued a profit warning.

In November, Kensington said it would be withdrawing from the sub-prime market to concentrate on the prime market as a result of the liquidity crunch and cut 20 per cent of staff.

A Kensington spokesman says it is not looking to make an external appointment to replace Hutchinson but insists Investec will maintain the Kensington brand. He says: “One of the reasons behind Investec buying Kensington was for its brand. The integration means we can start to take advantage of both firms’ strengths.”

Recommended

Norwich Union offshore sales leap 60 per cent

Norwich Union International has reported a 60 per cent rise in its offshore sales in 2007. Offshore sales last year were worth a total of £521m compared to £325m in 2006.The Dublin-based offshore business from Aviva says sales of unit-linked offshore bonds more than doubled to £280m – up from £135m in 2006. Norwich Union […]

The going gets tough

One of the pleasures of this business is the buzz you can get from the atmosphere on a trading floor. The newsrooms of daily journals and broadcasters can deliver a similar adrenaline rush to the news junkie. I have been fortunate to spend time in both during my career.

Self build business up by 15 per cent for TMB in January

TMB’s self build business in January is up 15 per cent on the same period last year.The lender says that its staff have reported a sharp rise in interest from brokers who have not been involved in self build previously.TMB sales and marketing director David Murphy says: “The Self Build team have seen a marked […]

Barnes expected buyout exodus

Bestinvest chief executive Andrew Barnes says he expected outflows of staff after the private equity takeover and believes the firm is now moving in the right direction.In his first interview since the takeover at Bestinvest, Barnes attributes most of the departures to lifestyle decisions after individuals were given significant sums as part of the deal […]

Japan 2017 Outlook: Abenomics 2.0

By Chris Taylor, head of Japanese Equities, Neptune Abe, having reinforced his political position domestically, will most likely hold off any further major policy enactments until after president Trump has settled into the White House and enacted some of his own. Then a relaunch of the Three Arrows programme is likely, or Abenomics 2.0, including […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment