Equity release adviser Key Group has launched specialist distribution divisions focused on retirement lending and wealth options.
The new distribution arms have been created following a strategic review aimed at strengthening the firm’s sales focus ahead of the April 2015 retirement reforms.
Richard Overson has been appointed managing director of the retirement lending distribution business and Dean Mirfin will be managing director of the wealth and retirement options division.
Both are founding directors of Key Group and were group directors.
Paul Wilson, managing director of Key Retirement Solutions, left the group at the end of August, with the firm explaining that “the wider restructuring of the Key Group led Paul to explore new opportunities after 17 years of service with the group, and we wish him well for the future”.
The retirement lending business includes equity release and secured lending, following the acquisition of packager V Loans, while the wealth options side will focus on annuities and other retirement income solutions.
Colin Taylor, chief executive of Key Group, said: “Launching new focused distribution arms makes strategic sense given the rapid growth of both sides of the business and ensures we can maintain the focus on expansion.”
Key Group is backed by private equity investor Phoenix Equity Partners, which bought a majority stake last year for £35m, has plans further expansion in the lending and retirement income markets with new products and services.
