The Oakwood Group, a private equity firm focused on the specialist lending sector has announced the hiring of five senior executives from HBOS including the current head of specialist lending, Michael Bolton.
The new recruits also include Alan Cleary, currently director of Halifax Intermediaries; John Nixon, currently director of operations at The Mortgage Business and BM Solutions; Rob Williams, currently head of underwriting, at BM Solutions; and Mark Smith, currently head of support at BM Solutions who are all expected to join Oakwood in 2006.
HBOS this morning confirmed Bolton, who has been with the group since 2001, is leaving to join The Oakwood Group.
It has also announced that Phil Jenks will replace Bolton as head of specialist lending. Jenks has over 30 years experience at Halifax and HBOS.
Previously head of HBOS Mortgage Strategy, Jenks has held a number of senior roles across the group's mortgage business. He was appointed head of Halifax Mortgages in 1999 and has been instrumental in leading the strategy of the HBOS mortgage business in recent years.
David Nicholson, managing director of HBOS Mortgages, says: "We wish Michael all the best in his new role and I would like to thank him for his contribution to the development of our mortgage business.
"We have real strength and depth right across our mortgage business. I am pleased, therefore, to announce the appointment of Phil Jenks to the position of head of specialist lending. Phil has an unrivalled knowledge of our industry and is very well placed to take the business forward."
Mike Culhane, chief executive of Oakwood says: “I am delighted that these individuals have agreed to join Oakwood. I know Michael well, having worked with him at Future Mortgages and the others all have extremely impressive track records. They are valuable additions to the team and will make a significant contribution to the company’s future growth.”
Oakwood was set up in 2002 by Mike Culhane and Redstone, an asset management firm based in Houston, US. Mike Culhane previously founded and served as Chairman of Future Mortgages, which was sold to Citigroup in 2001. He also founded Pepper Homeloans in Australia in 2001.
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