Tuesday, 28 February 2017
Last updated 2 hours ago
Jun 29 2011 | 4:04am ET
Hedge fund veteran Joseph Toms has joined social lending marketplace Prosper.com, charged with helping the new lending medium increase its retail and institutional lender base.
Toms is a founder of Hilspen Capital Partners and served as president and chief investment officer at Compass Global Investors, as well as on the board of directors of several RAB Capital hedge funds. Most recently, he was managing director of Lending Club Advisors.
"I am an ardent believer in the role that social lending will have in the American economy as more consumers—borrowers and lenders alike—take control of their financial future and as more institutional investors are attracted to this new fixed-income opportunity," Toms explained. "Prosper's experience has allowed it to develop the right foundation and infrastructure to lead the category and to advance social lending into a mainstream banking and investment platform."
Toms will serve as the firm's CIO.
Prosper offers borrowers debt consolidation, home improvement and small-business loans. Lenders—both individual and institutional—use the platform to invest in increments of $25 in those loans they desire, based on credit scores and histories, loan descriptions and community affiliations. Prosper itself services the loans.