"Computershare will add £41 billion of assets to its book, bringing its total to £73 billion or 62% of the total market."
Following its recent appointment by the UK Government to service mortgages for UKAR, Computershare will add £41 billion of assets to its book, bringing its total to £73 billion or 62% of the total market.
UKAR was formed in 2010 to manage Northern Rock and Bradford and Bingley's assets, but will transfer its mortgage servicing operations to Computershare from next month.
UKAR’s 1,700-strong staff will also transfer to Computershare’s newly-established Loan Services business, including CEO Richard Banks.
Naz Sarkar, CEO of Computershare in the UK, said: “We’re delighted to be welcoming UKAR colleagues to the company this summer. We’re especially pleased to be working with Richard, who brings with him a wealth of knowledge and expertise in the mortgage servicing industry, backed up by UKAR’s exceptional debt management and customer service capabilities.”
Computershare’s UKAR appointment follows the acquisition of mortgage servicing company Homeloan Management Limited in November 2014.
Andrew Jones, previously CEO at HML, will be CEO of Computershare Loan Services, with Banks taking on the Deputy CEO role.
Jones said: “By bringing our mortgage servicing businesses together under one umbrella, Computershare has redefined the mortgage sector and created compelling new opportunities for mortgage providers looking to outsource their administration.
“We’re looking forward to welcoming a number of significant new clients over the next 12 months, and further strengthening our existing relationships with UKAR, as well as the new owners of former UKAR assets.”
