J.C. Flowers Starts U.K. Mortgage Business to Share Cost, Risk
J.C. Flowers & Co., a U.S. private- equity firm specializing in the financial-services market, said it’s backing a new business that will share the cost and risk of home ownership.
The new company, Castle Trust, will “unlock the housing market” by offering investments to retail and institutional investors, New York-based J.C. Flowers said in a statement today. The business, which has been two years in the making, needs approval from Britain’s financial regulator, it said.
“The housing market is the largest asset class in the U.K.,” Castle Trust Chief Executive Officer Sean Oldfield said in the statement. “Castle Trust has been designed to help customers with the two most important financial decisions in their lives -- investing their savings and buying their home.”
To contact the reporter on this story: Erik Larson in London at elarson4@bloomberg.net.
To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.
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