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Target grows to £5 billion in assets under management

Target’s loan and investment servicing business has been boosted with the take-on of a £1.7 billion primary and special servicing residential mortgage portfolio on behalf of a major investment bank. Target now provides both primary and special servicing of residential mortgages from a new centre in Chester. This adds both capacity and resilience to Target’s established loan servicing operations in Newport, South Wales, all powered by Target’s multi-sector loan and mortgage software.

Target Group now has £5 billion in assets under management across the widest range of loan classes managed by a third-party servicer in the UK. This constitutes a 30% increase over 12 months in the value of assets managed from both originating and closed portfolios.

Paddy Byrne, CEO said “I’m delighted to announce another significant win for Target and a successful project delivery. We continue to demonstrate to clients that we can deliver flexible outsourced services, software and commercial terms. Target combines its understanding of lending business with proven processes, technology and the experience of our people to deliver for clients.”

Target is rated ‘Above Average’ by Standard and Poor’s for primary residential mortgage servicing and primary consumer finance in the UK.