Growth doubles management team at p2p lender
30 September 2019
Growth doubles management
team at p2p lender Southern Cross
It’s greenhouse conditions in New Zealand for non-bank, peer-to-peer lenders like Southern Cross Partners as the business announces a new management team.
The lender says the low yield environment and record low official cash rate (OCR) has contributed to an impressive growth rate as Kiwis flock to the peer-to-peer’s first mortgage secured investment offer.
As a result, the company has appointed a new senior management team with CEO, Cliff Carr, sales and marketing manager, Cameron Harper, head of risk and compliance, Edward Lund, and projects manager, Rhys Trusler.
Carr says Southern Cross Partners has grown rapidly and he doesn’t expect investment interest to slow in the short or medium term.
“Reserve Bank Governor Adrian Orr recently advised consumers to consider investing in other assets and they’re certainly heeding that advice. The first mortgage secured investment base we offer appeals to investors.
“In particular, the majority of our investors are retired or near retirement age who need regular, healthy interest rate returns. It is a demographic that is growing and, since we don’t expect the mainstream low yield environment to shift anytime soon, we believe the outlook is good.”
Carr says it’s a perfect storm for the peer-to-peer lender because ultra conservative lending policies from New Zealand banks – under pressure from the Royal Commission in Australia and local responsible lending regulations – has created a growing gap for bridging finance.
“We have been an established Kiwi owned and operated business for almost three decades now, but we still believe in helping to make a difference in people’s lives. As a result, we consider our loan applications on a case-by-case basis, rather than auto-decisioning.
Carr, whose most recent role was general manager at Newell Brands, says he is excited about building a scalable structure at Southern Cross Partners.
“I’m motivated to work with the
directors and team here to realise further growth
opportunities ahead, and to put in place a strategy and
structure to realise that,” Carr says.
Head of sales and marketing
New appointment Cameron Harper – most recently Cameron was head of growth in the advertising industry and has had senior marketing and sales roles – says he has always been choosy about working to make a difference and the opportunity to help ordinary New Zealanders grow their wealth ticks the boxes.
“Retired and retiring people in particular are going
to struggle in the future, which is unfair when you consider
the work they’ve put in over the years. I’m glad to be
involved in something that can potentially change that,”
Head of Credit and Compliance
Ed Lund joins Southern Cross Partners from The Co-operative Bank and ASB and, in addition to overseeing the company’s obligations to regulatory requirements and bodies such as the Financial Markets Authority, his job is to ensure a balance between maximisation of outcomes against investor safety and continuously evolving regulatory requirements.
“After close to 15 years in corporate banking, the
opportunity of working for a leading peer-to-peer company
with strong family values – and just the right level of
‘corporatism’ and strong growth ambitions – was very
appealing to me,” Lund says.
Head of Special Projects
Rhys Trusler – previously New Zealand business leader for Wells Fargo Distribution Finance – occupies a relatively unique position responsible for analysing investment models and exploring opportunities to expand the company’s product range, including in digital and fintech.
“Having worked for large, heavily structured organisations I wanted to join an organisation that has a strong family-like culture, particularly one where the leadership is willing to listen and consider new ideas,” Trusler says.
For more information about P2P investing (including the risks) visit http://southerncrosspartners.co.nz or contact your investment advisor.