- Former Partnership Group CEO joins the UK’s leading specialist adviser
- David Young remains as Non-Executive Director
Key Retirement Group has appointed Steve Groves as Chairman as it positions itself for further growth following its £208 million acquisition by global private markets investment manager Partners Group last year.
Steve comes with a wealth of experience and is recognised by many as a pioneer and innovator in financial services. He has over 20 years’ experience within the insurance and retirement sectors, with much of that time spent leading Partnership Assurance, later Partnership Plc, where he progressed to Group CEO.
During his 11-year career with Partnership, he was instrumental in building the company into one of the strongest enhanced annuity and equity release businesses in the UK. In the five years preceding the Group’s flotation he led a major expansion of the business which resulted in sales growth of 400%. Following the £1.6 billion flotation, he remained Group CEO and continued in the role during the merger with Just Retirement in August 2015, before leaving the business in 2016.
He joins Key Retirement Group at the start of its new growth phase and will play an instrumental part in working with the established team to drive continued distribution growth, broaden the Group’s product portfolio, foster further product innovation and ensure housing equity and ways of unlocking that equity continue their development into mainstream financial planning and mortgage propositions.
David Young who has been a Non-Executive Director of Key Retirement Group for over four years will continue in the role through the next growth phase of the group.
Simon Thompson, CEO, Key Retirement Group, said: “We are delighted that Steve has agreed to join Key Retirement Group as his customer focused ethos and track record fit perfectly with our plans for the future.
“His wealth of experience in the retirement sector and in successfully growing specialist businesses will be a major asset for Key as we deliver our expansion strategy.
We are also delighted that David Young, with whom we have worked so closely over the past four years, is to continue in his Non-Executive role providing good continuity for the business.”
Steve Groves, Chairman, Key Retirement Group, said: “I know Key Retirement Group well having worked previously with them as a major business partner and I look forward to working with Simon and the team to build on the relationships and knowledge both they and I have from the past two decades in this sector to help serve existing and new customers. The acquisition by Partners Group means Key is poised to grow substantially and I look forward to working with the team and being part of the growth over the coming years.”
David Young, Non-Executive Director, Key Retirement Group, said: “Having worked with Key Retirement Group now for over four years, I’m extremely pleased to continue with the business and look forward to working with Steve, Simon and the Board through its next exciting phase.”