The new business has been set up by Tony Ward and Simon Collingridge of Home Funding Limited and Jaap van Raak and Michel van der Sluis of The Dutch Mortgage Consultants BV (TDMC).
Based in Utrecht in the Netherlands and London, Fortrum will provide due diligence, risk analytics, specialised underwriting, surveillance and workforce solutions for financial assets across the whole of Europe.
Tony Ward, former president and CEO of risk consultancy Clayton Euro Risk, said: “Global investors are increasingly focusing on the dynamic and growing Dutch mortgage market and European securitisation markets show further signs of re-emergence.
“With continuing pressure from regulators, governments and markets on banks across Europe to address the scale of non-performing loan exposures, and as the requirements of IFRS9 loom ever larger, there is a clear opportunity for a new type of player in the due diligence and risk arena. The Netherlands is an ideal location for our new venture.”
Simon Collingridge, a former director of Clayton Euro Risk and Standard & Poor’s, commented: “Fortrum is our solution and we are delighted to join Jaap and Michel in this venture. Our collective experience and expertise in UK and Dutch markets, securitisation and risk analysis are unparalleled in this field.
“Combined with the risk solutions provided through regulated entity Home Funding, our association with insurance specialists Lime Risk Agency and the effective workforce and systems solutions of our colleagues in the Netherlands we believe the breadth of our services are uniquely placed to meet the needs and goals of our clients.”
Jaap van Raak of TDMC will be managing director of Fortrum with strategic and day-to-day responsibility for all operational aspects of the company.
He commented: “As northern Europe continues to recover from the effects of the global financial crisis and in a post-Brexit world, the Netherlands is a key country for investors and is an exciting place in which to base our joint venture.
“Michel van der Sluis and I are excited to team up with Tony Ward and Simon Collingridge to set a new standard in the risk, audit and due diligence sector across Europe.”
Tony Ward, Michel van der Sluis and Simon Collingridge will all be directors of Fortrum to provide strategic and operational support to Jaap van Raak.
Ward will focus on business and relationship development in the UK mortgage and broad financial services sectors. He also brings significant executive experience to support the robust governance and strategic direction of the new company.
Collingridge is responsible for business development in the UK financial services markets and lead Fortrum’s strategic development in European jurisdictions beyond the UK and Netherlands.
van der Sluis will look after business development in the Dutch mortgage and broad financial services markets and provide specific regulatory and operational expertise in supporting the effective delivery of Fortrum’s services.