Peer-to-peer lending platform RateSetter has announced that Paul Manduca has been appointed as Non-Executive Chairman. Manduca will join the Board on 1st June ahead of becoming and will become Chair on 17th July, when current Chairman Alan Hughes’ three-year term expires.

Manduca is Chairman of the global FTSE 100 insurer Prudential. His distinguished career in asset management included founding Threadneedle Asset Management and serving as CEO at both Rothschild Asset Management and Deutsche Asset Management. As a non-executive, Manduca has held senior positions in both financial services and other sectors, including at Wm Morrison. He also chairs the Advisory Council of TheCityUK.

Paul Manduca said: “Lending as an asset class has always been a virtual monopoly for the banks and for the first time it is being opened up to ordinary investors, which is good for investor returns and for the UK economy. RateSetter is a pioneer in the sector and has set high standards. I am excited to join such a forward-thinking business and look forward to helping the company embark on this new phase in its development.”

Rhydian Lewis, RateSetter’s founder and CEO, said: “I am delighted that a figure with Paul’s stature has agreed to become Chairman of RateSetter at this important new phase in our development. RateSetter is giving ordinary investors the opportunity to earn more and borrowers an opportunity to look beyond their bank. Paul’s experience in asset management, his reputation as a business builder and his authority in good governance can help us enormously in our aspiration to make RateSetter a benchmark brand in lending and borrowing.”