SAN FRANCISCO, Oct. 19, 2011 /PRNewswire/ -- Lending Club (http://www.lendingclub.com), the leading platform for investing in and obtaining personal loans, has appointed Jeff McCarthy, former senior vice president at Jefferies & Company, Inc., as Director of LC Advisors (LCA), a wholly owned subsidiary of Lending Club. Based in San Francisco, McCarthy will focus on institutional sales and marketing and will be instrumental in the development of new investment products. He joins Jon Palan, Director, Institutional Sales, in these efforts and will report to LCA President Brad Pattelli.
"Jeff is joining LCA at a crucial time in our development," said LCA President Brad Pattelli. "We're experiencing rapid growth as Lending Club products emerge as an increasingly relevant component of any fixed-income strategy. Jeff's background uniquely positions him to play a key role in expanding our offering and continuing to ramp up assets under management."
As senior vice president of Jefferies & Company, Inc., McCarthy built and ran the capital introduction business for the prime brokerage group in the western United States. During his tenure, Jeff drove strong growth in the prime brokerage business, expanding the hedge fund client base from a few initial clients to over 350 clients with combined assets in excess of $15 billion. Before joining Jefferies, McCarthy served as COO and director of marketing for two hedge funds, where he raised seed and early-stage capital, structured multiple partnership vehicles, negotiated distribution agreements and performed all non-portfolio related functions at the firms.
"I am thrilled to be joining the LCA team," said McCarthy. "LCA offers investors a true alternative investment in an otherwise crowded and often undifferentiated investment arena. Investors seeking higher yields, with lower volatility and low correlation to other assets are faced with few options. LCA is uniquely positioned to provide such a solution to these investors. I look forward to contributing to LCA's continuing success."
Lending Club continues to experience unprecedented growth with over $30 million in new investment capital attracted in September to fund loan originations that are growing by more than 150 percent year-over-year. As of October 18, 2011, the company surpassed $390 million in total loans originated since inception.
Focusing on prime and super-prime quality borrowers has enabled Lending Club's platform to generate 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.
Katherine (at) atomicpr.com
SOURCE Lending Club