History of Marketplace Lending and the Investment Characteristics of the Asset Class
Online origination of consumer and small business loans has seen remarkable growth over the past 5 years. What was once a truly peer-to-peer market has transformed into an institutional asset class. Marketplace (MPL) lending originations have grown from under $1B in 2011, to ~$27B in 2016. While this represents tremendous compounded growth, it is still less than 3% of total household originations. Please join RiverNorth's Senior Credit Strategist, Andrew Kerai, as he presents a brief history of MPL, the investment characteristics of the asset class, and his thoughts on risks & future opportunities.
Andrew Kerai, CFA
Senior Credit Strategist, RiverNorth
Andrew joined RiverNorth in 2015 and serves as Senior Credit Strategist. Andrew works with the firm's marketplace lending investment team in analyzing credit performance and portfolio positioning within the strategy. He is responsible for conducting research across credit markets, including the analysis of factors impacting both corporate and consumer credit.
Prior to joining RiverNorth, Andrew was Lead Portfolio Manager of an actively managed open-end mutual fund which invested in the equity securities of publicly-traded credit-focused investment funds, including business development companies (BDCs). Andrew was also an equity research analyst covering consumer and commercial lenders, credit card issuers, middle market commercial lenders, debt recovery companies and business development companies. He began his investment career as a portfolio analyst within high yield bonds and leveraged loans at Prudential Investments.
Andrew graduated Summa Cum Laude from American University with a dual major in international finance and accounting. He is a CFA Charterholder