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Pepper adds to its asset servicing portfolio

09 October 2015 5:15PM
Pepper Group has won a loan servicing contract with Lloyds Banking Group to provide third party asset servicing for a loan portfolio worth A$8.8 billion.The latest deal will take Pepper's total asset servicing portfolio over $30 billion.In July, around the time of its listing on the Australian Securities Exchange, Pepper was awarded a contract to service a $5.6 billion loan portfolio acquired by Goldman Sachs and CarVal Investors from Lloyds.Both portfolios are being serviced by Pepper subsidiary Pepper Ireland. The company said the majority of the loans in the latest portfolio were performing.When it released its half-year results in August, Pepper forecast that assets under management would grow by 44 per cent to $41.3 billion over the year to December. In addition to its asset servicing portfolio it has a loan portfolio worth about $4.5 billion.Pepper co-group chief executive Mike Culhane said the effects of the financial crisis were still working their way through a number of European markets, where governments that had taken over "bad bank" portfolios from struggling banks were looking to sell them. He said the pipeline of servicing opportunities was strong.

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