Angelo Gordon Partner Joins Lending Club
Brad Pattelli named President of LC Advisors
SAN FRANCISCO, Sept. 29, 2011 /PRNewswire/ -- Lending Club (http://www.lendingclub.com), the leading platform for investing in and obtaining personal loans, has appointed credit fund manager Brad Pattelli as President of LC Advisors (LCA), a wholly-owned subsidiary of Lending Club, to manage all LCA funds and to continue the growth in assets under management and the expansion of LC Advisors' client base through the introduction of targeted credit-based investment products. Pattelli will be a member of the senior management team of Lending Club and will anchor LCA's East Coast presence.
"We are thrilled to welcome Brad as a key member of both the LCA and Lending Club teams. His vast experience raising and managing fixed income funds should ensure the continued success of our existing funds and the development of new investment products," said Lending Club CEO Renaud Laplanche. "Under Brad's leadership, we expect that LCA will continue to rapidly grow assets under management and better serve the needs of our high net worth and institutional investors."
Prior to joining LCA, Pattelli was a partner at Angelo, Gordon & Co., a $23 billion registered investment advisor specializing in alternative investments. As the co-portfolio manager of the leveraged loan group, Pattelli led triple-digit growth in assets under management and revenue through the creation of new loan-related products, while delivering solid returns to clients. Pattelli's two decades of investment experience includes managing money for high-net-worth individuals, family offices and institutional investors across a multitude of industries, asset classes and alternative investments. Before his time at Angelo, Gordon & Co., he held sales and analyst positions with Merrill Lynch and Salomon Brothers.
"Lending Club has the potential to profoundly transform the traditional US banking system," said Pattelli. "By leveraging its proprietary technology to create a lower cost and more transparent flow of capital between borrowers and investors, Lending Club greatly improves the system's efficiency and passes on the benefits to investors in the form of higher risk adjusted returns. Investors are finding the value proposition offered by the Lending Club platform to be extremely compelling in today's challenging interest rate environment."
Pattelli holds a Bachelors of Science in Electrical and Computer Engineering from the University of Notre Dame and an MBA from Columbia University, where he was most notably trained by Jim Rogers, Chairman of Rogers Holdings and founder of the Rogers International Commodity Index. Pattelli also holds the Chartered Financial Analyst designation.
Lending Club continues to experience unprecedented growth with over $30 million in new investment capital attracted in August to fund new loan originations that are growing by more than 150 percent year over year. The company recently surpassed $370 million in total loans originated since inception.
Focusing on prime and super-prime quality borrowers enables Lending Club's platform to have generated consistent returns to investors, while offering consumers interest rates well below traditional alternatives for similar borrowers.
About Lending Club
Lending Club brings together investors and prime borrowers, utilizing technology to reduce the cost of traditional lending in order to provide borrowers with better rates and investors with better returns. Founded in 2006 and based in San Francisco, CA, Lending Club has been recognized for its results and innovation by the Harvard Business Review and Dow Jones, was recently named a World Economic Forum Technology Pioneer and featured in major publications, television and radio shows. More information is available at: http://www.lendingclub.com.
Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action.
Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Some of the statements in this above are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Currently only residents of the following states may invest in Lending Club notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, ME, MN, MO, MS, MT, NH, NV, NY, RI, SC, SD, UT, VA, WA, WI, WV, or WY.
SOURCE Lending Club
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