View more on these topics

Target secures new funding

Target Group has secured investment from the RBS Special Opportunities Fund, a £1.1bn third party fund that is managed by the equity finance division of RBS Asset Management.

The firm says the additional capital invested in the business will facilitate continued growth through systems and service development.

Grant Hawkins, previously executive chairman, takes a new role as a non-executive director and retains a material shareholding in the business.

Target Group recently improved its Standard & Poor’s servicer rating of Above Average.

James Rudolf, group managing director of the Target Group, says: “This investment marks the start of another exciting chapter for Target which will benefit both existing and new customers.”

Lindsey McMurray, head of the equity finance division of RBS Asset Management, says: “We are delighted to be investing in Target. Its track record of delivery and first class client base are an excellent launch pad for further growth. We believe that the financial services outsourcing and software markets have great potential. This investment fits our strategy of backing high quality, growth focussed businesses.”

Recommended

Ripple effect sees small lenders pull mortgages

Product withdrawals from big lenders are having a ripple effect, with now even the smallest building societies having to withdraw deals. Last week Mortgage Strategy reported that a reduction in lending from high street banks had caused Accord Mortgages and Skipton Building Society to temporarily pull their entire mortgage ranges, and now lenders even further […]

Guide

Guide: day-to-day tasks ​— can your system manage?

This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. As well as highlighting what is required from a system to ensure it is up to the tasks, an overview of the following is also provided: data validation; data categorisation; employee communication; opt-in process; opt-out process; produce contribution schedule; contribution reconciliation process; upload of member data to pension provider; upload contribution to pension provider; manage salary sacrifice process; enrolment process; re-enrolment process; and management of increased employee queries.

Newsletter

News and expert analysis straight to your inbox

Sign up