Julia Groves has stepped down as Chair of the UKCFA.
Groves, formerly CEO of Trillion Fund, is now heading up Downing Crowd. The company is an offshoot of the London based VCT and EIS specialist Downing – which currently manages over £700m in assets. Downing will cater specifically to advised clients, and has white-labeled its technology infrastructure from Edinburgh-based ShareIn. Downing Crowd’s premiere asset-backed bond offering hit its £3.2m target 21 days ahead of schedule, offering investors a 6.25% return over the course of a year.
With Groves stepping down, one of the UKCFA’s eight directors will take up the role of chair on an interim basis – according to Citywire. A permanent successor will be decided upon at the organisation’s AGM in the summer.
The UKCFA is one of two UK-based alternative finance industry bodies – the other being the Peer-to-Peer Finance Association. The latter of these two associations (which is chaired by Christine Farnish) has by far the more narrowly defined membership criteria, focusing exclusively on the top end of the peer-to-peer lending sector. There are just 8 members of the P2PFA. There are, by contrast, 40 members of the UKCFA – which cover everything from rewards, to equity, to debt, and even aggregation. The task of marshalling so heterogeneous an assortment of platforms will be a tall order for whomever steps into Groves’ shoes.
Groves tweeted her farewell yesterday:
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.