Pepper to hire 100 people as assets under management surpass 20 billion euros
Pepper Ireland will hire 100 more people this year as assets under management exceed €20 billion for the first time.
The mortgage company said it had already started recruiting with a workforce expected to reach 600 people by the end of 2022.
“With over 500 employees, the Irish business continues to be an integral part of our global ambitions and is home to much of the expertise and experience that we will leverage to expand into new markets and services, and in the development of new cloud-based data. and analytics,” Pepper said in a statement.
The recruitment drive comes as the Irish unit’s immediate parent company, Pepper European Servicing, was rebranded as Pepper Advantage this week. The move is due to the integration of the group’s European and Asian services businesses and focus on investing in a cloud-based data and analytics platform to expand its offering.
The company said it will also continue to expand its assets under management profile to include personal loans, including retail financing and buy now, pay later (BNPL) as well as other receivables from different industries. .
Pepper, which entered the Irish market in 2012, is a credit management company and the largest mortgage manager with local banks and financial institutions with over 80,000 loans managed across all asset classes.
Among the mandates Pepper manages are the Glenbeigh II portfolio, a €1.4 billion buy-let portfolio sold by PTSB to Citibank in 2020, and the €1.1 billion loan portfolio sold by KBC to private equity firm CarVal, which ended last month. .
About 80% of the company’s residential mandates are performing loans, Pepper said.
The integrated Pepper Advantage business will have over $55 billion (€50 billion) in assets under management, approximately 1,100 employees and 570,000 end-user customers in addition to more than one million end-user customers served since its creation ten years ago.
Pepper Advantage is part of the Pepper Group, which is 60% owned by KKR. Pepper Group was founded in 2000 as a financial services start-up in Australia, specializing in mortgages and loan servicing.
A proposed €200 million sale of the group’s Irish operations to Link Group was terminated last year after the financial services administrator stepped down.
Pepper Ireland recorded revenues of €50.1 million in 2020 with pre-tax profits totaling €13.8 million.
The Irish subsidiary announced late last year its intention to resume commercial lending due to more favorable market conditions and new opportunities here.