Changes will take place from start of next year and are part of a wider restructure at Property Partner.
Property Partner is switching a number of its in-house client service operations to the specialist direct lending manager and platform Goji from next year.
Property Partner, which was founded in 2014 setting out to democratise investment in the UK housing market by creating a stock exchange for residential property, said the change will take place on or shortly after January 20 next year.
Goji will now take on responsibility for client services including managing client deposits and withdrawals, anti-money laundering checks and the administration of client monies and assets.
Property Partner, which has faced a number of challenges including a customer backlash against a new fee structure, says the change will lead to service levels improving and quicker processing times.
There will be no new charges to clients on the back of the change, says Property Partner, which said the switch was part of a wider restructuring of its base, but did not give further details of the restructuring.
The key Property Partner services managed by Goji will now include:
• Identity checks on new clients opening accounts.
• Anti-money laundering checks.
• Processing client deposits and withdrawals.
• Client money will be held in Goji’s segregated, ring-fenced client money account; these client funds will continue to be protected by the Financial Services Compensation Scheme (FSCS).
• Custodian of investors’ share holdings and reconciling these holdings within each property investment SPV.
Property Partner launched in 2014 with a bold plan to create a “stock exchange for residential property” and make investment in the UK housing market fairer.
However, in July the company announced a shake-up both of management with the departure of CEO Marshall King after only a year in post, and in business models with the introduction of a raft of new fees which knocked the value of its £141m property portfolio.