Funding Circle chief steps back from investment trust

The firm’s CEO Samir Desai is will no longer be a director of the Funding Circle SME Income Fund.

The firm’s CEO Samir Desai is will no longer be a director of the Funding Circle SME Income Fund. 

Samir Desai is standing down as a director of the £305m Funding Circle SME Income Fund Limited to focus on running the broader Funding Circle Group, according to regulatory filings.

The listed trust which invests in Funding Circle loans globally, raised a fresh £142m via a C Share placement back in April after launching in November 2015.

Desai will be replaced in this position by Sachin Patel with immediate effect, who head’s up the firm’s capital market’s division and is responsible for investor strategy.

Previously, Patel was Vice President in the cross-asset structured products and solutions businesses at Barclays Capital and, prior to this, at J.P. Morgan, advising a wide variety of investors including insurance companies, pension funds, discretionary asset managers and private banks.

Richard Boleat, Chairman of FCIF, commented: "I would like to extend my thanks to Samir for his time on the board since listing the Company, and welcome Sachin as our new director and Funding Circle representative. Sachin has been deeply involved with the fund since inception through to IPO and beyond, and as Chief Capital Officer, his expertise will allow us to continue to manage and grow the Company in due course."