Ex-Lloyds Banker in Japan Plans Fund Investing in Peruvian Loans
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Tomoyuki Sugiyama, a former Lloyds Banking Group Plc bond trader, plans to start a fund that will invest in non-performing subprime loans in Peru as early as April to meet rising demand among retail investors in Japan.
Sugiyama founded Tokyo-based Crowdcredit Inc. in January 2013 and plans to first raise 15 million yen ($147,400) to invest in the Peruvian loans for three years, targeting an internal rate of return of 11 percent, he said. The fund will buy loans that have been in default for three months or more from Peruvian financial institutions at 3 percent of face value, allowing Crowdcredit to potentially collect double or triple the initial cost as creditors repay, he said.