London July 8 2016 - TwentyFour Asset Management is pleased to announce the second transaction for UK Mortgages Ltd (UKML). The team has worked with The Mortgage Lender (TML) to develop a suite of owner occupied mortgage loans and has signed a multiyear purchase agreement today. The initial capital commitment will enable the purchase of £250m of mortgage loan production over a 12 to 14 month period with the intention to deploy fresh capital on an on-going basis. TML will originate an ongoing flow of mortgage loans that fit UKML’s objectives of high quality and predictable performance.
Ben Hayward, Portfolio Manager at TwentyFour said “This is a significant transaction for UKML as it envisages the supply of investments over a multi-year period, and those investments are being made against a profile that has been deliberately constructed in conjunction with TML. This is a mortgage market segment that is not being adequately supplied at the moment, and so we see the risk/return profile as attractive, and a very natural complement to the other transactions that UKML has already invested in and is likely to invest in going forward.”
Trevor Pothecary, Chief Executive Officer of The Mortgage Lender said, “We are delighted to be working with the team at TwentyFour who have proved to be extremely knowledgeable and excellent partners to work alongside. We see this transaction as the start of a long-term partnership with TwentyFour and look forward to an ongoing successful working relationship.”
TwentyFour was formed in 2008 and has approx. £6.7 billion in assets under management across a range of public funds and segregated accounts. In March 2015 Vontobel Asset Management, the multi-boutique asset manager acquired a 60% shareholding in TwentyFour. The partnership combines TwentyFour’s existing entrepreneurial and focused investment approach with the stability and financial strength of an established European financial institution.
Further information can be found at www.twentyfouram.com
Marketing and Communications
+44 207 015 8944