Finance broker Consolidated Operations Group has announced plans to create an “in-house financial product portfolio” supported by a securitisation program. The company has re-jigged management and board roles to deliver the new strategy.
Andrew Bennett, who joined the company in June last year, with responsibility for funding and management, has been appointed chief executive. Bennett’s CV includes work at zipMoney and ThinkTank Commercial Property, where he was chief financial officer.
Former CEO, Cameron McCullagh, has been appointed executive director responsible for finance broking and aggregation.
Former Pepper Group co-CEO Patrick Tuttle, who joined the Consolidated Operations Group board last October, has been appointed chair.
COG has been an aggressive acquirer of other distribution businesses in recent years. Last financial year it settled $3.4 billion of new asset finance.
With contributions from recent acquisitions, the current annualised net asset finance settlement rate is around $4.3 billion.
The company claims a 14 per cent share of asset finance settled by finance brokers, making it the largest finance broker aggregation platform in Australia.
The company considers that its distribution capacity has reached critical mass and now it is turning its attention to product manufacture and loan origination. Its first offerings will be an SME prime auto and equipment loan and an auto loan for consumers.
Lending activities will be supported by the establishment of bank warehouse facilities and a securitisation program.