Aldermore Bank chief Cooper to run wealth manager Fairstone

The brag of Aldermore Bank, 1 of Britain's biggest challenger lenders, is leaving to tally Fairstone Group, a privately owned wealthiness absorption and owe provider.

Sky News understands that Steven Cooper, a erstwhile brag of C Hoare & Co, the UK's oldest backstage bank, volition beryllium named this week arsenic Fairstone's main executive.

The institution has acceptable Mr Cooper of replicating his show astatine Aldermore by doubling Fairstone's size by 2030.

Backed by investors including TA Associates, Fairstone has astir £20bn of assets nether management, and a lawsuit basal of much than 120,000 people.

Under Mr Cooper, South African-owned Aldermore doubled successful size, and explored ambitious takeover deals including a bid for the Co-operative Bank.

More recently, it has been grappling with the unfolding situation successful the centrifugal concern market, which is expected to pb to consumers receiving adjacent to £20bn successful compensation payouts.

Mr Cooper, a erstwhile Barclays executive, volition regenerate Fairstone laminitis Lee Hartley, who is moving to the relation of lawman chairman.

"As good arsenic being 1 of the fastest increasing wealthiness advisory firms successful the UK and Ireland, Fairstone is besides 1 of the astir trusted by its clients," Mr Cooper said successful a connection issued to Sky News.

Fairstone is expected to proceed to prosecute acquisitions arsenic portion of its strategy nether its caller main executive.

Last year, revenues astatine Fairstone, which has much than 1,250 unit and regulated advisers, exceeded £175m for the archetypal time.