The boss of Aldermore Bank, one of Britain’s biggest challenger lenders, is leaving to run Fairstone Group, a privately owned wealth management and mortgage provider.
Sky News understands that Steven Cooper, a former boss of C Hoare & Co, the UK’s oldest private bank, will be named this week as Fairstone’s chief executive.
The company has set Mr Cooper the target of replicating his performance at Aldermore by doubling Fairstone’s size by 2030.
Backed by investors including TA Associates, Fairstone has roughly £20bn of assets under management, and a client base of more than 120,000 people.
Under Mr Cooper, South African-owned Aldermore doubled in size, and explored ambitious takeover deals including a bid for the Co-operative Bank.
More recently, it has been grappling with the unfolding crisis in the motor finance market, which is expected to lead to consumers receiving close to £20bn in compensation payouts.
Mr Cooper, a former Barclays executive, will replace Fairstone founder Lee Hartley, who is moving to the role of deputy chairman.
“As well as being one of the fastest growing wealth advisory firms in the UK and Ireland, Fairstone is also one of the most trusted by its clients,” Mr Cooper said in a statement issued to Sky News.
Fairstone is expected to continue to pursue acquisitions as part of its strategy under its new chief executive.
Last year, revenues at Fairstone, which has more than 1,250 staff and regulated advisers, exceeded £175m for the first time.
