Former BT head joins Bluestone Group

THE former head of BT Financial Group, David Clarke, has returned to the industry as chair of non-conforming and equity release lender, Bluestone Group.

Over the past 25 years, Clarke has held roles including group executive of Westpac’s Australian Business and Consumer Bank, director of Lend Lease and chief executive of its subsidiary, MLC, and chief executive of Lloyds Merchant Bank.

Bluestone Group founder and chief executive officer Alistair Jeffery said Clarke would strengthen the company’s development in the non-conforming and equity release markets and provide support for the company’s next phase of growth.

Clarke said the company’s mortgage business was continuing to grow and that he would focus on ensuring this expansion continued.

“The equity release business is much younger and I want to make sure that this is marketed and promoted appropriately,” he added.

According to Clarke, Bluestone is the only Australian business to offer fixed rates for life on equity release, or reverse mortgage products, which aim to give Australian retirees access to funds and fill the gap left by inadequate retirement planning.

Bluestone now has over 170 staff and provides specialist financial products to Australians and New Zealanders who fall outside the lending criteria of traditional lenders.

The business has had strong growth since its launch in 2000, particularly among self-employed workers and the older community.

In the 2004 Business Review Weekly Fast 100 awards, Bluestone was recognised as Australia’s fasted growing company, having originated over $2 billion in residential mortgages since its launch.

Clarke said another focus of his new role would be to identify a strategic shareholder for Bluestone.

The company recently appointed Caliburn Partnership to advise on potential liquidity alternatives, and has been responding to institutional enquiries by holding discussions with prospective investors.

Clarke succeeds retiring chairman Evan Rees who will continue to contribute to Bluestone Group as a non-executive director.

In September last year, Clarke resigned as BTFinancial Group chief executive officer, but his resignation included an agreement to work together with his replacement in that role, Rob Coombe, for a few months.

Coombe took over as BT’s chief executive in January this year and Clarke finished up with the company in February.