The former director of Beacon Homeloans has joined Kensington to ‘investigate key strategic opportunities’, along with Stuart Aitken, former director of credit at SPML.
However, Mortgage Introducer has been informed that Pitt has been placed in charge of looking at the commercial market, with a view to entry into the sector in the future.
The unnamed source said: “He has been put in charge of commercial activities, which may suggest Kensington is looking at that particular market. He’s ideally placed to create a business like that, especially with his track record. I’m sure if Kensington did move into that market it would be a success.”
Announcing Pitt’s appointment, John Maltby, group chief executive at Kensington, said: “Innovators do not stand still and we will continue to take our pioneering approach to different markets. I am delighted to have Brian and Stuart on board to help explore the opportunities we have identified.”
However, Stephen Johnson, sales director at Commercial First, believed it would be difficult for Kensington if it did make the move into the commercial market. “There has been speculation on this for some time, so it’s not surprising if it does move into this sector. It is under pressure in its traditional markets from intense lender competition and new players coming in, so it could be looking for other market opportunities. However, it will be difficult as I know we wouldn’t have been as successful in the market if it wasn’t our primary focus and it’s never going to be Kensington’s core activity.”
Ian Giles, director of marketing at Kensington, denied any specific moves. He said: “Rumours are always abound with these things, but at this moment in time, both Brian and Stuart currently have no specific role.”
