2017 - Asset Finance Internationalanother revealing report. It’s great to see this important research and analysis becoming a fixture in our calendar. ... 23 Scania 31/12/2015 364

ASSET FINANCE

2017

50

Sponsored by Published by

ALFA

Alfa has been delivering systems and consultancy services to the global asset finance industry since 1990.

Our best practice methodologies and specialised knowledge of asset finance mean that we deliver the largest system implementations and most complex business change projects. With an excellent delivery history over our 27 years in the industry, Alfa's track record is unrivalled.

Alfa Systems, our class-leading technology platform, is at the heart of some of the world's largest asset finance companies. Key to the business case for each implementation is Alfa Systems' ability to consolidate multiple client systems on a single platform. Alfa Systems supports both retail and corporate business for auto, equipment, wholesale and dealer finance on a multijurisdictional basis, including leases/loans, originations and servicing. An end-to-end solution with integrated workflow and automated processing using business rules, the opportunities that

Alfa Systems presents to asset finance companies are clear and compelling.

We know that no one project is like another. Gaining a competitive advantage in the modern marketplace demands fresh innovation every time. We work to understand your business completely, then align our implementation methodology with your business practices. We work with you to shape the solution that fills all the gaps.

Our people are only the most talented graduates and professionals. All our consultants operate in all areas of the business, from preliminary client contact and requirements definition right through to manning the support desk. This ensures all our staff develop and maintain excellent all-round expertise.

With over 40 clients in 18 countries, Alfa has offices all over Europe, Asia-Pacific and the United States. For more information, visit alfasystems.com.

ACKNOWLEDGEMENTS

Data and table compilation: Julian Rose, founder, Asset Finance Policy

Viewpoint contributors:George Ashworth, Managing Director, Santander Asset FinanceJohn Bennett, independent leasing consultantCarl D’Ammassa, Group Managing Director, Business Finance, AldermoreNeil Davies, CEO, Close Brothers Asset Finance and Leasing Carmen Ene, CEO, 3 Step ITIan Isaac, Managing Director, Lombard Mark Picken, Managing Director, Shire LeasingRoger Skinner, Chief Executive, Maxxia LimitedGavin Wraith-Carter, General Manager, Hitachi Capital Business Finance.

ASSET FINANCE INTERNATIONAL

Publisher: Edward Peck Editor: Brian Rogerson Author: Nigel Carn Asset Finance International Ltd.

39 Manor Way,London SE3 9XGUNITED KINGDOMTelephone: +44 (0) 207 617 7830

http://www.assetfinanceinternational.com

© Asset Finance International, 2017, All rights reserved No part of this publication may be reproduced or used in any form or by any means – graphic; electronic; or mechanical, including photocopying, recording, taping or information storage and retrieval systems – without the written permission from the publishers.

Alfa are the makers of Alfa Systems, the number one software choice for asset fi nance companies worldwide.

Alfa Systems is 100% web-based, features full end-end support, and is able to handle the most demanding of operations. Whatever type of asset you fi nance, Alfa will take your business to the next level.

alfasystems.com


Alfa Systems is 100% web-based, features full end-end support, and is able to handle the most demanding of operations.

Whatever type of asset you fi nance, Alfa will take your business to the next level.

alfasystems.com


Alfa Systems is 100% web-based, features full end-end support, and is able to handle the most demanding of operations. Whatever type of asset you fi nance, Alfa will take your business to the next level.

alfasystems.com

Alfa SystemsThe Defi nitive Platform

for Asset Finance

AF50_Alfa_2x_Fullpage_210x297mm_20170306_4.indd 1 06/03/2017 15:34

http://alfasystems.com

ASSET FINANCE 50 • 2017 54 ASSET FINANCE 50 • 2017

Foreword

Welcome to 2017’s Asset Finance 50. The response to last year’s debut was superb, and I’m full of admiration for the guys at Asset Finance International and Asset Finance Policy for putting together another revealing report. It’s great to see this important research and analysis becoming a fixture in our calendar.

This time, in addition to the eagerly awaited numbers, we have insight from familiar voices at Hitachi Capital, Close Brothers and Santander, as well as newcomers to the list such as Maxxia, whose CEO Roger Skinner has brought them into the top flight for the first time, earning the Leasing Foundation’s CEO of the Year award along the way.

As well as hearing from our valued friends, I’m delighted to see six Alfa clients in the top ten of the banking groups list. We take great pride in the role our services play in one of the country’s most important industries.

Happy reading.

ANDREW DENTON

Chief Executive OfficerAlfa

Contents

Foreword 5

Introduction 7

Who’s in and who’s out 8

How we measure firm size 8

Limitations 9

Asset Finance 50 (Banking groups version) 10

Key results (Banking groups version) 12

Top 10 lessors (Banking groups version) 13

Viewpoint The asset finance strategies of the major banks 14

‘Non-legacy’ leasing 16

Asset Finance 50 (Bank subsidiaries version) 18

Key results (Bank subsidiaries version) 20

Top 10 lessors (Bank subsidiaries version) 20

Viewpoint Foreign investment in UK asset finance 21

Fleet lessors 23

Top five fleet operators 23

Manufacturer lessors 23

Top five manufacturer lessors 23

Viewpoint Success strategies of new entrants to the AF50 24

Breakdown of the market by type of lender 26

Breakdown of the market by location of ownership 26

Ten at the top 27

Viewpoint Captive finance challenges 28

Operating lease lessors 30

Top 10 operating lease lessors (Banking groups) 30

‘Up and coming’ firms 30

Viewpoint The role of indirect channels 31

Your input 34

ASSET FINANCE 50 • 2017 7

Introduction

Welcome to the second edition of the Asset Finance 50 (AF50) rankings survey published by Asset Finance Policy and Asset Finance International.

The AF50 is intended to become the UK’s primary annual survey of business equipment and fleet lessors.

The survey is based on audited and publicly available accounts or other published information to ensure it is compliant with competition law and regulations. We have aimed to use the latest information filed online as at 31 January 2017.

It is important to use the data with care. Known limitations of the data are listed. We will publish updates online if errors or omissions are notified to us.


Who’s in and who’s outWe aim to include the top 50 UK business equipment and fleet lessors based on their accounts that are filed at Companies House. Some firms are missing:

ll Some automotive lessors (for example Ford Credit, Volkswagen Financial Services) show combined figures for consumer and business finance, so we’ve been unable to include them as we have no reliable basis for estimating the proportion that is business leasing.

ll Some lessors (for example HP and Dell) don’t publish separate UK accounts for their financial services arms.

ll Some lessors (for example Macquarie, Bank of America Merrill Lynch, Sumitomo) publish UK accounts for only some of their UK leases. Using this published information could significantly misrepresent their real size.

ll Although unlikely for this second edition, we may also have completely missed lessors by mistake and we’d be happy to hear from such firms and add them to the next edition.

Given the factors above, we estimate that the AF50 includes between 90% and 95% of the total market.

How we measure firm sizeThe rankings are based on the lessor’s net investment in business equipment leasing. It includes all asset finance agreements where the asset is owned by the lessor during the life of the agreement.

For finance leases and hire purchase, we show the present value of total receivables less unearned (deferred) income and impairments.

For operating leases, we show the undiscounted minimum contracted future lease payments. Where there is no operating lease disclosure, we show 50% of the balance sheet carrying amount of assets used for operating leases as a proxy for the minimum contracted future lease payments. The notes to the rankings show where this method has been used. Many of the firms for which this proxy measure was necessary last year have added operating lease disclosures to their latest accounts.

The tables exclude assets under construction for use in leases where there is not yet a lease receivable recognised for accounting purposes.

Block finance should be excluded from the provider’s net investment, as the leases are written between the block finance receiver and its customers.

Several banks have leasing business in multiple parts of their groups, including wholly or part-owned specialist leasing subsidiaries or divisions. In our main table, we show the total leasing business of the banking group. We then break the group figures down in the further analysis.

LimitationsConsiderable effort has been made to ensure the accuracy of the rankings and where possible they have been confirmed with the relevant firms, but some problems are inevitable. Limitations include:

ll Different lessors have different accounting year-ends and some may be late in filing data at Companies House. For the majority of firms this edition is based on the year to December 2015. The year-ends used range from September 2015 to June 2016.

ll We have not attempted to adjust for any differences between IFRS and UK GAAP, although these should be minor following the introduction in the latest reporting year of FRS 102.

ll Some lessors might have sold or securitised parts of their leasing books, reducing the value of their lease receivables.

ll Lessors may report some non-UK business in their accounts. We have looked out for this and have sought to use data only for the UK market.

ll A major part of our research effort has been the identification of the appropriate reporting entity. Some leasing firms are parts of groups with many entities and ownership arrangements. We have carefully reviewed group structures to identify the most appropriate sets of accounts to use and have attempted to confirm these with the firms where appropriate. There could still be instances where the figures shown do not include all parts of the lessor’s UK businesses, for example where owned businesses are not consolidated at the UK parent company level.


Asset Finance 50 (Banking groups version)Rank Name Year-end 2014/15

(£ m)2015/16 (£ m) Change Notes

1 Royal Bank of Scotland 31/12/2015 9,447 9,314 -1%

2 HSBC Bank 31/12/2015 5,475 5,537 1%

3 Lloyds Bank 31/12/2015 5,284 5,089 -4%

4 Barclays 31/12/2015 5,485 4,802 -12%

5 Close Brothers 31/06/2016 1,869 2,124 14%

6 LeasePlan 31/12/2015 1,709 2,004 17%

7 BNP Paribas 31/12/2015 1,623 1,756 8%

8 Société Générale 31/12/2015 1,295 1,448 12% Includes ALD

9 European Rail Finance 31/12/2015 583 1,327 128%

10 Hitachi Capital 31/03/2016 1,099 1,229 12% Assumed HP is business cars

11 Aldermore 31/12/2015 960 1,229 28%

12 DLL 31/12/2015 852 1,002 18% Assumed 5% stock finance

13 Porterbrook 31/12/2015 855 958 12%

14 Santander 31/12/2015 878 954 9%

15 Alphabet 31/12/2015 816 890 9%

16 Angel Trains 30/09/2015 780 886 14%

17 Siemens 30/09/2015 798 854 7%

18 Investec 31/03/2016 666 751 13%

19 Arval UK 31/12/2015 479 745 56%

20 VFS 31/12/2015 525 562 7% OL

21 PACCAR 31/12/2015 464 521 12% OL

22 Clydesdale 30/09/2016 401 490 22%

23 Scania 31/12/2015 364 432 19%

24 GE Capital 31/12/2015 362 391 8%

25 NIIB 31/12/2015 267 328 23% Includes Northridge

Rank Name Year-end 2014/15 (£ m)

2015/16 (£ m) Change Notes

26 MAN 31/12/2015 283 300 6% Assumed 90% of leasing is UK

27 BLME 31/12/2015 279 298 7% Assumed all asset finance is in UK

28 Caterpillar 31/12/2015 203 258 28% OL

29 Zenith 31/03/2016 237 257 8% OL

30 PEAC 31/12/2015 252 241 -5% Formerly CIT

31 Xerox Finance 31/12/2015 233 214 -8%

32 Arnold Clark 31/12/2015 203 205 1%

33 Paragon Bank 30/09/2015 153 198 30% Formerly Five Arrows

34 IBM 31/12/2015 170 154 -10%

35 Allied Irish Banks 31/12/2015 98 149 52%

36 Shawbrook 31/12/2015 149 146 -2%

37 Grenke 31/12/2015 122 137 12%

38 Ricoh Capital 31/03/2016 92 117 27%

39 CHG Meridian 31/12/2015 90 90 0%

40 United Trust 31/12/2015 56 74 32%

41 Triple Point 31/03/2016 54 72 32%

42 Secure Trust 31/12/2015 5 71 1471%

43 Shire Leasing 31/03/2016 57 67 18%

44 SQN 30/06/2016 22 67 202%

45 Liberty Leasing 31/12/2105 57 67 16%

46 Bibby Leasing 31/12/2015 51 65 27%

47 Maxxia 30/06/2016 49 63 29%

48 Arkle Finance 31/12/2015 54 62 14%

49 Asset Advantage 30/09/2015 3 58 1820%

50 Hampshire Trust 31/12/2015 11 56 434%

OL: No operating lease disclosure found. Assumed operating lease receivables equal to 50% of net book value of assets on operating lease.

alfasystems.com

Alfa are the makers of Alfa Systems, the number one software choice for asset fi nance companies worldwide. Alfa Systems is 100% web-based, features full end-end support, and is able to handle the most demanding of operations. Whatever type of asset you fi nance, Alfa will take your business to the next level.

alfasystems.com


Alfa Systems is 100% web-based, features full end-end support, and is able to handle the most demanding of operations.

Whatever type of asset you fi nance, Alfa will take your business to the next level.

AF50_Alfa_2x_Thirdpagehorizontal_210x63mmFinal.indd 3 08/03/2017 18:23


Key results (Banking groups version) The total net investment in leasing for the top 50 firms is £49.1 billion, up 6.0% from £46.3 billion in the previous year. This is on a ‘like-for-like’ basis, hence excluding ING which dropped out of the top 50 table in 2016. If ING is included for 2014, the increase was 4.5%. (At the time of the table being finalised, the buyer of the ING book LCM partners had not filed its accounts at Companies House).

The largest player, RBS, accounts for 19% of the market, down from 20% last year.

The top 10 account for 71% of the market, down from 73% last year.

On a nominal (undiscounted) basis total net investment in leasing is likely to be around £57 billion. This is based on an average discount rate of 5% and constant annual cashflows for the industry portfolio.

The big four UK banks’ share of the market is 50%, down from 55% last year. This reflects the banks running down their UK structured finance books including high value assets such as ships and aircraft, together with the growth of other big ticket firms including the rolling stock companies.

The total net investment in leasing for the top 50 firms is £49.1 billion, up

6%from £46.3 billion in the previous year

Top 10 lessors (Banking groups version)

Rank 2014/15 2015/16

1 Royal Bank of Scotland Royal Bank of Scotland

2 Barclays HSBC Bank

3 HSBC Bank Lloyds Bank

4 Lloyds Bank Barclays

5 Close Brothers Close Brothers

6 LeasePlan LeasePlan

7 BNP Paribas BNP Paribas

8 Société Générale Société Générale

9 Hitachi Capital European Rail Finance

10 Aldermore Hitachi Capital

There were minor changes at the top of the AF50 table this year, with the most significant being the rise of European Rail Finance following reorganisation of Eversholt Rail Group.

New entrants this year include Secure Trust, SQN, Maxxia, Hampshire Trust and Asset Advantage.

Big 4 banks’ market share

2014/1520

25

30

35

40

45

50

55

60

2015/16

%

60

55

50

45

40

35

30

25

20


VIEWPOINT The asset finance strategies of the major banks

Asset Finance International asked a select group of asset finance industry professionals for their views on certain trends highlighted by the AF50 research.

The first area of discussion referred to the fact that while some of the big banks have been the biggest fallers in absolute terms, bank leasing subsidiaries such as Lombard, Barclays Mercantile, HSBC Equipment Finance and Santander Asset Finance all increased business. So, in the panel’s opinion, what are the banks’ strategies for asset finance and are they likely to change, in which case will the banks keep their asset finance subsidiaries?

To start at the top, Ian Isaac, managing director of Lombard, explains that the strategy of big banks is to have a “core product offering that allows bank asset finance businesses to increase wallet share of customers’ requirements for funding products, often at better returns than vanilla loans,” adding that it is “also important to banks to be seen as wholesale funders of independent brokers or asset financiers.”

Representing another of the big bank subsidiaries, George Ashworth, managing director of Santander Asset Finance, says: “Bank-owned asset finance businesses may have clear strategies. However, they must be well kept secrets.

“Today, it is difficult to discern clearly what strategies are being followed in the market place. Actions, market signals coupled with client feedback merely serve to suggest that we appear to be back at a pre-liquidity crisis point of chasing volume and engaged in a general race to the bottom in terms of margin.”

From the perspective of a top challenger bank, Carl D’Ammassa, group managing director, Business Finance at Aldermore suggests “It’s always difficult to predict the strategies for the bigger banks in the asset finance market. They have been in and out of the market for some time and the feedback we hear is that customers are unclear whether these larger organisations are looking to provide asset finance solutions beyond the easiest of transactions.”

In his view, “There’s no doubt we’ve seen the re-emergence of some of the larger banking names in recent times accompanied by noise about their reinvigorated ambitions – whether these will materialise, only time will tell.”

And Gavin Wraith-Carter, managing director of Hitachi

Capital Business Finance, comments: “The banks’ strategies for asset finance are important for their banking customers. We hope that their strategy will include increasing awareness and expanding the asset finance market as a whole, educating UK SMEs that asset finance is a great and very appropriate alternative to other bank lending or family borrowing.”

This point is taken up by independent leasing consultant John Bennett, who says

CARMEN ENE 3 Step IT

“Research by bodies such as the CBI and British Business Bank (BBB) consistently show that asset finance is the most frequently used funding source by SMEs and mid-cap businesses other than bank overdraft and bank loans. A recent BBB survey also concludes that 50% of SMEs will not look beyond their main bank when they need funding.”

He concludes: “Any bank targeting the SME or mid-cap business market must include asset finance in its product portfolio, otherwise it will be missing out on a key market that finances 32% of UK investment.”

Maxxia is a new entrant to this year’s AF50, and chief executive Roger Skinner points to a challenge for the big banks, namely “the challenge of investing in the quality of service and breadth and depth of product offerings, operational innovation and digital marketing for maintaining and building customer relationship management at the pace required to keep up with the pace of change externally and at a time when net income interest margins are perhaps at an all-time low.”

The need for banks to evolve strategies to support changing market and customer dynamics is vital, states Carmen Ene, CEO of IT lifecycle management specialist 3 Step IT. “Services and pay-per-use models are

becoming the norm and anyone offering just money over money lending is facing stiffer competition from Fintechs and companies looking to increase market share by offering value added differentiators.”

Meanwhile Mark Picken, managing director of independent asset finance provider Shire Leasing, comments: “I think the major clearing banks’ strategies are still loose. I am sure those individual banks wouldn’t agree, but if you asked the subsidiaries their view it would be along the lines of ‘we will enjoy the opportunity to compete and grow using our low cost of funds whilst we can but we are under no illusion, we are not core to the bank and could be jettisoned at any time’.”

Picken is not sure about the clearing banks’ attitude regarding their asset finance subsidiaries. “Predominantly, asset finance is offered to their existing customers to retain them as a banking client and sometimes as a loss leader to wrestle a target client from a competitor bank. It’s hard to see they are acting in the general interest of UK businesses at large and supporting SMEs in their aspirations. It seems to be all about known risk at a low price, not new risk. The challengers on the other hand are expressing a clear strategy to grow and support,” he says.

However, others see plenty of value to the banks in their asset finance businesses. As John Bennett says, “There are no longer tax reasons for banks to keep their asset finance subsidiaries, but there are operational and customer service arguments in favour of retaining subsidiaries, especially for banks with a multi-channel marketing strategy in asset finance.”

Roger Skinner says: “The banks undoubtedly value the market proposition of their asset finance companies and the differentiation in security, credit positioning and pricing versus the bank facilities,” adding “The challenges are likely to surround the allocation of capital and returns on capital and if lending is restricted to bank customers only.”

“Services and pay-per-usemodels are becoming the norm and anyone offering just money over money lending is facing stiffer competition from Fintechs and companies looking to increase market share by offering value added differentiators.”

GAVIN WRAITH-CARTER Hitachi Capital Business Finance

“The banks’ strategies for assetfinance are important for their banking customers. We hope that their strategy will include increasing awareness and expanding the asset finance market as a whole, educating UK SMEs that asset finance is a great and very appropriate alternative to other bank lending or family borrowing.”


01827 [email protected]

Business Customers Only.Registered in England and Wales No. 02476571 | Shire Leasing PLC is Authorised and Regulated by the Financial Conduct Authority for certain types of consumer credit lending and credit related activities that are regulated under the Consumer Credit Act 1974 and by the Financial Services and Markets Act 2000.

Benefits of leasing:

No major upfront costs

Leasing can be 100% tax deductible

Free up cash flow

Shire Leasing Plc (Shire) is the UK’s largest privately owned independent funding house specialising in leasing specifically for business critical equipment in the B2B market place. Our portfolio of over £90m is funded in conjunction with the British Business Bank.

Our sole strategy is to serve UK SMEs with lease funding for business critical assets. Our objective is to develop long term relationships with investors, vendor partners and hirers alike.

Providing asset finance to a bank customer may improve the bank’s overall view of customer profitability (if the data exists and can be co-ordinated).

The banks will keep their asset finance subsidiaries, according to Ian Isaac,“but in the main will look for cost structure improvements, simplicity in customer service and delivery and aligned to core bank infrastructure.”

George Ashworth asserts that asset finance is secured lending and can be a relatively capital efficient form of lending, even for authorised institutions deploying standardised models. However, although important, capital consumption is not the only reason why banks will retain

their asset finance businesses. “Asset finance as a product platform is historically very good at breaking into the ‘walled garden’ of banked relationships. So for marketing reasons alone, it makes sense to retain asset finance activity. The trick or rather the skill will be in securing the transactional licence to operate within banking organisations broadly pursuing relationship lending strategies,” he says.

Finally, an important point regarding the relationship between the bank and its asset finance operation is made by Neil Davies, CEO of Close Brothers Asset Finance and Leasing: “One of the advantages of our being a specialist asset financier is that it’s a very

significant part of the bank, and consequently important to the future of the bank.”

Bank Key subsidiaries

Barclays Barclays Mercantile Business Finance

HSBC HSBC Equipment Finance

LloydsLex Autolease Lloyds Bank Commercial Finance

Royal Bank of ScotlandLombard North CentralJCB Finance

Société GénéraleSociété Générale Equipment Finance ALD

‘Non-legacy’ leasingGiven that most high value assets are now financed overseas it seems useful to consider what the index would look like for only ‘non-legacy’ bank business leasing (i.e. excluding the high value structured finance legacy books of the large banks).

To attempt this, we have reviewed the banks’ subsidiary operations and shown these rather than the banking group figures in the banking subsidiaries version of the AF50. We have not, however, excluded other big ticket leasing, such as the rolling stock companies, as these are not in any sense ‘legacy’.

A significant caveat over the banking subsidiaries version is that the large banks may have some active UK leasing activities within the core bank and not in their leasing subsidiaries. These may be ‘mainstream’ SME leasing activities, or continuing high value deals written in the UK.

“One of the advantages ofour being a specialist asset financier is that it’s a very significant part of the bank, and consequently important to the future of the bank.”

NEIL DAVIES Close Brothers

An example of this issue is that following a change in policy, Lloyds Bank now reports most of its business equipment leasing business through the core bank and not through its asset finance subsidiaries.

Subsidiaries in this table include:


Rank Name Year-end 2014/15 (£ m)

2015/16 (£ m) Change Notes

35 Paragon Bank 30/09/2015 153 198 30% Formerly Five Arrows

36 IBM 31/12/2015 170 154 -10%

37 Allied Irish Banks 31/12/2015 98 149 52%

38 Shawbrook 31/12/2015 149 146 -2%

39 Grenke 31/12/2015 122 137 12%

40 Ricoh Capital 31/03/2016 92 117 27%

41 CHG Meridian 31/12/2015 90 90 0%

42 United Trust 31/12/2015 56 74 32%

43 Triple Point 31/03/2016 54 72 32%

44 Secure Trust 31/12/2015 5 71 1471%

45 Shire Leasing 31/03/2016 57 67 18%

46 SQN 30/06/2016 22 67 202%

47 Liberty Leasing 31/12/2105 57 67 16%

48 Bibby Leasing 31/12/2015 51 65 27%

49 Maxxia 30/06/2016 49 63 29%

50 Arkle Finance 31/12/2015 54 62 14%

OL: No operating lease disclosure found. Assumed operating lease receivables equal to 50% of net book value of assets on operating lease.

Funding soft assets in all shapes and sizesEmail us at [email protected] Discover more at www.aldermore.co.uk/softassets

FOR INTERMEDIARY USE ONLY. Aldermore Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. (Financial Services Register number: 204503). Registered Office: 1st Floor, Block B, Western House, Lynch Wood, Peterborough PE2 6FZ. Registered in England no. 947662.

Asset Finance 50 (Bank subsidiaries version) Rank Name Year-end 2014/15

(£ m)2015/16 (£ m) Change Notes

1 Lombard 31/12/2015 4,209 4,496 7%

2 Lex Autolease 31/12/2015 847 2,192 159%

3 Close Brothers 31/06/2016 1,869 2,124 14%

4 HSBC Equipment Finance 31/12/2015 1,611 2,016 25%

5 LeasePlan 31/12/2015 1,709 2,004 17%

6 BNP Paribas 31/12/2015 1,623 1,756 8%

7 European Rail Finance 31/12/2015 583 1,327 128%

8 Hitachi Capital 31/03/2016 1,099 1,229 12% Assumed HP is business cars

9 Aldermore 31/12/2015 960 1,229 28%

10 Barclays Mercantile 31/12/2015 1,215 1,219 0%

11 DLL 31/12/2015 852 1,002 18% Assumed 5% stock finance

12 Porterbrook 31/12/2015 855 958 12%

13 Santander 31/12/2015 878 954 9%

14 Alphabet 31/12/2015 816 890 9%

15 Angel Trains 30/09/2015 780 886 14%

16 Siemens 30/09/2015 798 854 7%

17 SG Equipment Finance 31/12/2015 691 776 12%

18 Investec 31/03/2016 666 751 13%

19 Arval UK 31/12/2015 479 745 56%

20 JCB 31/12/2015 675 720 7%

21 ALD 31/12/2015 604 672 11%

22 VFS 31/12/2015 525 562 7% OL

23 PACCAR 31/12/2015 464 521 12% OL

24 Clydesdale 30/09/2016 401 490 22%

25 Scania 31/12/2015 364 432 19%

26 GE Capital 31/12/2015 362 391 8%

27 NIIB 31/12/2015 267 328 23% Includes Northridge

28 MAN 31/12/2015 283 300 6% Assumed 90% of leasing is UK

29 BLME 31/12/2015 279 298 7% Assumed all asset finance is in UK

30 Caterpillar 31/12/2015 203 258 28% OL

31 Zenith 31/03/2016 237 257 8% OL

32 PEAC 31/12/2015 252 241 -5% Formerly CIT

33 Xerox Finance 31/12/2015 233 214 -8%

34 Arnold Clark 31/12/2015 203 205 1%


Key results (Bank subsidiaries version)In our second version of the table, which might better represent the ‘non-legacy’ business leasing market, the total investment in leasing for the top 50 firms is £34.9 billion, up 16% from £30.0 billion in the previous year.

The largest player, Lombard, accounts for 13% of the market (down from 14% last year). The top 10 firms account for 56% of the market, up from 54% last year.

Even with the significant constraints on this analysis, the results this year again suggest that the market for ‘non-legacy’ leasing in the UK is considerably less concentrated than that for the total market including the banks’ legacy books.

Top 10 lessors (Bank subsidiaries version)

Rank 2014/15 2015/16

1 Lombard Lombard

2 Close Brothers Lex Autolease

3 LeasePlan Close Brothers

4 BNP Paribas HSBC Equipment Finance

5 HSBC Equipment Finance LeasePlan

6 Barclays Mercantile BNP Paribas

7 Hitachi Capital European Rail Finance

8 Aldermore Hitachi Capital

9 Santander Aldermore

10 Porterbrook Barclays Mercantile

VIEWPOINT Foreign investment in UK asset finance

The proportion of the total UK leasing book that is owned by firms outside the UK has increased to over one third, due in part to acquisitions by companies based in China, the US and Australia, but also higher volumes at European banks.

Asset Finance International asked the panel of industry experts whether in their opinion foreign investment will increase in the coming year and what factors might assist this, such as Brexit and a weaker pound. Will acquisitions of smaller UK lenders by overseas investors now be more likely?

The panel members represent companies ranging from domestic owned to foreign invested. There are varying opinions expressed, but ‘uncertainty’ is a common factor in the views of the near-term outlook.

The UK has always been attractive to overseas investors, but uncertainty leads to unwillingness to commit to investment. As John Bennett of JB Associates says, “Foreign ownership of UK businesses is widespread throughout the economy, from national infrastructure and green energy to asset finance and Premier League football clubs. I don’t expect any significant activity

in 2017 by foreign investors looking to acquire UK asset finance businesses, due to the general climate of uncertainty that will prevail when Brexit negotiations begin.”

Mark Picken of Shire Leasing adds, “Whilst foreign buyers will be eyeing the UK because of the weak pound I doubt any major acquisition would complete until Brexit negotiations are clearer in likely outcome. Threats to make the UK a tax haven would accelerate interest but lack of clarity about the likelihood, length and terms of that status could also be a deterrent. What is true is if somebody has to sell or somebody has to buy, it will happen.”

From the perspective of a foreign invested asset finance company, Roger Skinner promotes a broad view of the market. “I am not sure that the sterling exchange rate is a great influencer on what would be a long-term investment; it needs to be driven by a strategic analysis of the market. This is the basis for the initial and strategic investment by the Maxxia UK Australian Joint Venture Partner McMillan Shakespeare,” he says.

“Following the Brexit vote we revisited the strategy and investment case and in terms of our approach to the UK market we recognise the immediate, medium and short shocks; however, as a strategic investor you need to see beyond this and look at the underlying resilience of the asset finance industry.”

One factor in the continuing rise of asset finance has been the attitude of SMEs, which lost confidence in banks during the liquidity crisis and have since remained cautious of bank lending – to the benefit of asset finance.

The importance of UK companies continuing to invest was stressed by Aldermore’s Carl D’Ammassa. “Overseas companies looking to make large investments in the UK will always be competing with

JOHN BENNETT JB Associates

“I don’t expect any significant activity in 2017 by foreign investors looking to acquire UK asset finance businesses, due to the general climate of uncertainty that will prevail when Brexit negotiations begin.”

The top 10 firms account for

56%

of the market, up from 54% last year.


local businesses with similar priorities,” he says. “With this in mind, we hope that post-Brexit, UK businesses will remain confident and continue to invest, allowing both UK-based and overseas industry participants to fulfil their lending ambitions in a safe and secure manner that will ensure that returns and credit quality are maintained.”

In the past the UK market has provided foreign investors with comparatively attractive returns. As Santander Asset Finance’s George Ashworth says, “Capital flows to the points of best return.”

He elaborates: “Asset finance has attracted a lot of investment as yield has been sought whilst being anchored through legal ownership rights on the underlying assets financed. Pre Brexit, we have a seen a number of smaller independent players acquired (often at mouth-watering multiples). I believe the acquisition phase of asset finance businesses is now over. However, the longer-term implications of these moves have yet to be fully felt. Of greater importance to the industry are the ‘end games’ associated with many of these moves – the exit strategies that these businesses plan.”

Several of the panel members don’t see an end yet to the

acquisition of UK lenders. Lombard’s Ian Isaac comments, “Will foreign investment increase? Yes quite probably, especially where high returns can be seen,” adding, “Barriers to entry and access to SME customers mean many will be looking for wholesale opportunities, or to acquire businesses such as brokers that have strong distribution capability.”

And according to Gavin Wraith-Carter of Hitachi Capital, “Acquisitions of smaller UK lenders by overseas investors are more likely now than ever. Already we are seeing Introducer businesses that are being snapped up by overseas firms. It is a heated market at the moment.”

Of course, the door opens both ways and investment need not be all inward, as pointed out by Close Brothers’ Neil Davies. “In the same way there are lenders coming to the UK, there are also opportunities for UK lenders overseas. We have a very successful business in Ireland and are looking to set up a business in Germany.”

Acquisition is a popular route to market entry and for a foreign company the risks are less at the smaller end of the scale, says Mark Picken. “The potential to buy under the heading of a

‘pilot scheme’ makes such a deal easier to approve. A foreign buyer could do this to test the water or set up an operating platform for future acquisitions, so is more likely than a big sale.”

Roger Skinner adds: “With appropriate analysis an acquisition may always be useful for market entry – there are, however, many other considerations when making an acquisition. From a strategic perspective the UK asset finance market is resilient and attractive with the right business model and this applies to UK and overseas buyers – I would not differentiate.”

3 Step IT is headquartered in Finland, and from there Carmen Ene’s view is that “At some point the Brexit position will begin to solidify, and it will do so before the pound recovers: this period will probably last for most of 2018 and 2019, encouraging foreign investment. Acquisitions of smaller UK lenders will rise, as part of this trend.”

“With appropriate analysis an acquisition may always be useful for market entry – there are, however, many other considerations when making an acquisition. ”

Fleet lessorsWe show here the largest fleet lessors, based on the value of lease receivables where this is shown in notes to the accounts. The switch of Lex and LeasePlan at the top of the table reflects a reorganisation within the Lloyds Banking Group, with various automotive subsidiaries being moved to Lex this year.

Note that the AF50 includes all leased assets of these operators, including vans as well as cars.

Top five fleet operators

Rank 2014/15 2015/16

1 LeasePlan Lex Autolease

2 Lex Autolease LeasePlan

3 Alphabet Alphabet

4 ALD Arval UK

5 Arval UK ALD

Manufacturer lessorsWe show here the largest manufacturer-owned (so-called ‘captive’) lessors, based on the value of lease receivables. The AF50 excludes the captive motor companies as they do not split business and consumer finance. We are also missing Hewlett Packard and Dell, both of which might be assumed to be of a similar scale to IBM. PACCAR’s operating lease outstandings are estimated, based on 50% of the balance sheet carrying amount of assets used for operating leases. JCB is not included in this table as it is a subsidiary of RBS.Any comparison of manufacturer lessors is difficult as each firm has different policies on what it will handle (e.g. own equipment only, own equipment supplied together with other manufacturers’ equipment, or any equipment) and how it will finance it (e.g. all own-finance or mix of own-finance and third-party). Such factors can also change from year to year.

Top five manufacturer lessors

Rank 2014/15 2015/16

1 VFS VFS

2 PACCAR PACCAR

3 Scania Scania

4 MAN MAN

5 Xerox Finance Caterpillar


VIEWPOINT Success strategies of new entrants to the AF50

There are several new entrants to the new AF50. Asset Finance International asked the panel of industry experts whether these companies’ strategies for success are identifiable, and if support from schemes like the British Business Bank (BBB) plays a role.

The BBB currently has over 90 finance partners that it works with to unlock finance for smaller businesses. Some of the companies represented on the panel are BBB partners.

First, John Bennett gives an overview. “Greater access to equity and debt capital has been a game-changer for both new entrants and smaller established players,” he says. “This new capital has originated from a variety of sources including the BBB, European Investment Bank, private equity funds and block discounting providers.

“The most common strategy adopted is the straightforward business model of targeting the hard asset SME market via brokers. Brokers now have many viable alternative funders to the traditional big players like Aldermore, Investec, Close and Hitachi. The winners among these new funder entrants will be those that can continue to

deliver deal flexibility and superior customer service to the broker community as they seek to grow their new business volumes.”

As one of the aforementioned ‘traditional big players’ Carl D’Ammassa claims some credit for increasing the pool of liquidity. “The BBB, as well as the now well-established challenger bank movement, has certainly supported the increase in these smaller alternative funders,” he notes. “Aldermore is keen to support this market with wholesale finance facilities that enable greater lending to UK-based SMEs.

“It’s great to see new names appearing in the AF50 – this means that we as an industry are growing awareness of our alternative products. It may also indicate that a greater number of businesses are being deserted by their clearing or business bank. It’s great news for customers and for the wider asset finance industry.”

Speaking as a big player that has also partnered with the BBB, Gavin Wraith-Carter observes that “Every new funder will have their own strategy for success,” but he believes the BBB succeeds in its objective of raising opportunities for SMEs.

“It’s great to see new names appearing in the AF50 – this means that we as an industry are growing awareness of our alternative products. It may also indicate that a greater number of businesses are being deserted by their clearing or business bank. It’s great news for customers and for the wider asset finance industry.”

“We have been actively engaged with the BBB in reviewing the market approach to support and increase lending to SMEs. We have an excellent relationship with the BBB at all levels and we are delighted to see that it has supported the growth of a number of challenger banks and independent finance companies with liquidity.”

CARL D’AMMASSA Aldermore Business Finance

“Hitachi Capital was the first funder to receive a £100m facility from the BBB to fund a portfolio of newly originated small business asset finance receivables. The transaction was the first of the BBB’s ENABLE funding programme, which aims to increase significantly the supply of leasing and asset finance to smaller businesses in the UK.”

His conclusion: “The effect of this funding on our customers is clear; this facility has had a positive impact on our lending capability. The BBB scheme is a fantastic example of looking at new and fresh ways to generate increased use of alternative lending to UK SMEs.”

Another BBB partner is Shire Leasing. Looking at the new entrants, Mark Picken states, “There isn’t a common strategy. Acquisitions have helped some grow. For others it’s a case of

deposit account money burning a hole.”

In his view, “The fact is that the market exists for new entrants and smaller players because the big banks that traditionally dominated the market have lost focus on all except the high end that they are interested in. The BBB only had a reason to enter the market because it was broken by this lack of focus and yes, they have done a great job in filling the gaps and making the market work again. The banks don’t seem to be interested in taking over the BBB mantle, so the new entrants will always need to seek support from wherever they can. In the short to medium term it is likely the BBB will need to keep repairing. The smaller, fragmented end of asset finance does look ripe for consolidation but that isn’t so easy, as I am sure some of the hedge funds are finding out.”

Having access to good sources of liquidity is a prerequisite for success. Maxxia is one of the new entrants to the AF50 and Roger Skinner describes their approach. “We have established strong relationships with banks and asset finance companies to support our market value proposition and this underpins our competitive market position.

Bank and asset finance company relationships are extremely important to us and a key area of focus.

“In addition to these relationships we have established our own in-house finance company with the appropriate credit underwriting models and the systems and processes. This enables Maxxia to structure niche financial products and build OEM relationships in the market as a funder.

“We have been actively engaged with the BBB in reviewing the market approach to support and increase lending to SMEs. We have an excellent relationship with the BBB at all levels and we are delighted to see that it has supported the growth of a number of challenger banks and independent finance companies with liquidity.”

“The effect of this funding on our customers is clear; this facility has had a positive impact on our lending capability. The BBB scheme is a fantastic example of looking at new and fresh ways to generate increased use of alternative lending to UK SMEs.”


Breakdown of the market by type of lenderIn 2015/16 banks accounted for 74% of the total market, down from 77% in 2014/15 and 81% in 2013/14, showing the growing importance of non-bank lessors to the UK market.

Breakdown of the market by location of ownershipIn 2015/16 UK-owned lessors represented 63% of the total market, down from 68% in 2014/15. European firms represented 24%, up from 22% in 2014/15. Firms with ownership mainly in other regions including China, Japan, USA and Australia represented 14%, up from 11% in 2014/15.

The changes included new international ownership of Angel Trains, growth of Chinese-owned European Rail Finance (following a reorganisation) and the growth of several international lessors.

Looking at the banking subsidiaries table only, UK-owned lessors represented 51% of the market in 2015/16, down from 52% the previous year.

AF50 Banks vs Non-Banks

65% 9% 27%2015/16

UK Banks

International Banks

Non-Banks

68% 24%8%2014/15

Ten at the top

Here we highlight the top firms of the AF50

Top banking group RBS

Largest growth in banking group Aldermore

Top leasing firm Lombard

Largest growth in leasing firm European Rail Finance*

Top manufacturer-owned VFS

Largest growth in manufacturer-owned Scania

Top fleet lessor Lex Autolease**

Largest growth in fleet lessor Lex Autolease**

Top equipment independent (non-bank) Hitachi

Largest growth in equipment independent Hitachi

* Follows a Group reorganisation.** Various Lloyds subsidiaries were transferred to Lex Autolease this year.

AF50 Location of ownership

UK

Europe

Other 63% 24% 14%2015/16

68% 10%22%2014/15


Viewpoint Captive finance challenges

On the captive side in the AF50, there has been static or negative growth for a number of IT-focused companies.

Asset Finance International asked the panel if this is a reflection of a shift towards ‘software as a service’ (SaaS) solutions rather than leasing, or are other factors involved?

John Bennett sets the scene: “FLA data show that asset finance funding of IT assets grew by 6% in 2106 – slightly below average for the market as a whole, and well below the massive y-o-y 38% increase recorded in 2015.

“Growth rates in IT services spending have recently been much stronger compared to spending on devices and data centre systems, and this is partly due to the shift towards SaaS solutions.”

He also notes that in 2016 there was a continuing trend towards greater disparity in IT spending by individual customers, with many SMEs and mid-cap companies spending aggressively on hardware, software and services, and many larger, enterprise customers adopting a more cautious ‘wait-and-see’ spending approach due to uncertainty in global markets.

“The new business impact on IT-focused lessors will vary depending on their target markets and customer profiles,” he says.

Looking at the dynamics of the captive sector, IT specialist Carmen Ene says: “Software as a Service, cloud computing, the trend to X-as-a-Service – these are changing the dynamics of financing for many of the captives.

“Captives traditionally focused on big ticket financing of clients’ hardware purchases. As hardware declines as a percentage of the IT companies’ revenue streams the captives have to introduce new offerings to reflect the changing business profile. This can be a complex process which does not necessarily yield the same financial returns as the traditional business model.”

Carl D’Ammassa describes a shift towards ‘usership’ rather than ownership amongst UK businesses. “Most people in their personal lives are happy to rent or use products or services, so it is natural that this becomes more common in business situations. Software and technology have always been prime markets for leasing over ownership – accordingly,

“To finance these arrangements requires solutions that are a long way from the traditional stance of being anchored on solid repossessable assets that demonstrate good loss given default characteristics.”

it follows that there is likely to be a shift towards paying for services over longer-term leasing or hire purchase.”

In George Ashworth’s view, not only do captive finance companies face many of the same capital challenges that bank and non-bank institutions face, but in many cases more. “To secure liquidity, it is very often not just the creditworthiness of the captive that is assessed but also the OEM parent. As such, gone

are the days where captives were agnostic to the make and model of equipment financed. Nowadays it is more to do with supporting only one’s own marque,” he says.

In addition, captives that are engaged in the financing of technical solutions are now faced with the new lease accounting standard – IFRS 16. “It is not as if the challenge is wholly new but if there is a lease (or what is determined to be a lease) embedded within the service supply agreement, then it will come on balance sheet,” Ashworth says.

“This is happening at a time when businesses are looking increasingly for hosted technical solution, SaaS and cloud computing. To finance these arrangements requires solutions that are a long way from the traditional stance of being anchored on solid repossessable assets that demonstrate good loss given default characteristics.”

JOHN BENNETT JB Associates

GEORGE ASHWORTH Santander Asset Finance

“Growth rates in IT services spending have recently been much stronger compared to spending on devices and data centre systems, and this is partly due to the shift towards SaaS solutions.”

“Most people in their personal lives are happy to rent or use products or services, so it is natural that this becomes more common in business situations. Software and technology have always been prime markets for leasing over ownership – accordingly, it follows that there is likely to be a shift towards paying for services over longer-term leasing or hire purchase.”


Operating lease lessorsWith the implementation of IFRS 16 about to start, we look this year at the lessors with the biggest exposures to operating leases. Many of these are train rolling stock and car lessors, but the Lloyds and RBS books are likely to also include ships.

Top 10 operating lease lessors (Banking groups)Rank 2015/16

1 Lloyds Bank (incl. Lex)

2 LeasePlan

3 European Rail Finance

4 Porterbrook

5 Angel Trains

6 Arval UK

7 Alphabet

8 Royal Bank of Scotland

9 Société Générale (incl. ALD)

10 Hitachi Capital

‘Up and coming’ firms ll Firms that may hit the AF50 next year include AIM-listed 1PM

PLC, Henry Howard Finance and Victoria Asset Finance, the arm of investment management firm LCM Partners that bought the ING book for around £400m in early 2016.

ll Firms which are likely to have already grown significantly since their last annual reports were filed include investment fund SQN Asset Finance, Australian-owned Maxxia, and private investment specialist group Triple Point. Australian bank Macquarie is also believed to be growing fast in the UK and it is hoped will file sufficient data to allow them to be placed in next year’s table.

Viewpoint The role of indirect channels

A definite trend in asset finance is for greater dependence on indirect channels. Many of the AF50 new entrants are focused on these, and many of the fastest-growing firms are broker specialists.

Asset Finance International sought the industry experts’ opinions on whether they see this continuing at the expense of direct sales, and how they see the broker/lender relationship evolving.

It is clear that the broker/lender model is well established, with the broker now being seen more as a beneficial extension of the lender’s salesforce rather than a possibly dubious source of new business.

Regulation has helped improve the relationship and the overall feeling is that direct and indirect channels can coexist profitably. As Neil Davies says, “Both direct and indirect routes to market have a future, and provided they are properly managed both can be successful,” adding “We can see the broker/lender relationship getting even closer as increased regulation begins to impact the broker community.”

And Ian Isaac comments: “There is a place for indirect and direct offerings. Both benefit from

our industry getting better at promoting itself, supported by the FLA. The regulatory environment will continue to encourage the consolidation of the broker space into fewer larger units that have a mixture of own book and broking arrangements.”

He suggests one challenge for indirect channels: “I think we’ve yet to see a breakthrough into online/digital broker offerings of real scale, especially where it is clear the broker is operating in the interests of the customer rather than their own.”

Mark Picken observes that brokers are now a trusted source and since the credit crunch, “the new world sees brokers often as the only source of business for funders that court them every which way. In a funder world that is all about volume the broker channel is likely to be the only one that will satisfy funder demand.”

There is value for smaller funders in investing and building a strong distribution channel, according to Roger Skinner. “New entrants including challenger banks are attracted to the scalability of an indirect sales model,” he says.

“With a focus on improving the cost/income ratio the banks

IAN ISAACS Lombard

“I think we’ve yet to see a breakthrough into online/digital broker offerings of real scale, especially where it is clear the broker is operating in the interests of the customer rather than their own.”


are seeking to push costs from direct to indirect and fixed to variable. Given the continued pressure on margins there is unlikely to be an appetite to reverse this process.”

The brokers’ ability to deal with complex requirements makes their contribution fundamental for many businesses, says Gavin Wraith-Carter. “Providing they continue to contribute to a customer’s business over the long term and avoid opportunistic advantage then any unnecessary pressure to introduce further commission disclosure may be tempered,” he says, although he cautions that they must avoid complacency over the value of the service they offer and the costs a customer pays.

“Looking ahead,” he continues, “What is vital to continue the trend of the growth of indirect channels is the importance of cultivating the market. Education so that companies understand all of their funding options is what we need, along with the service element.”

He stresses the need to raise awareness of asset finance, “educating UK SMEs that asset finance is a great alternative to bank lending cash or family borrowing,” but, he admits, “Sadly, the market statistics aren’t changing.”

The reach and coverage of the indirect channels should help in this process, says Carl D’Ammassa. “Direct distribution is costly and limited by funders’ appetite when it comes to lending on particular assets or to certain counterparties. In contrast, brokers and dealers have played a significant role in aiding the successful distribution of finance to businesses.

“From an SME or business perspective, it has to be attractive working with a dealer, vendor or broker as they’ll almost certainly be able to find a provider to meet an organisation’s funding needs, regardless of the shape or size of what they are looking to purchase or finance.”

From Carmen Ene’s point of view, whether direct or indirect, “the winners will be the ones that manage to cooperate successfully and be able to create value to customers. While I am a strong believer in direct sales as a unique way to understand the real customer needs, I also appreciate the fact that we live an era where cooperation is the new competitive advantage.”

One development that will affect partnerships is the new Device-as-a-Service opportunity, she says. “We are planning to include a range of services,

provided by 3 Step IT and certain specialist partners, where the service selection is tuned to match each client’s need. So we’ll be working with partners in new ways.”

As Mark Picken noted earlier, the trend towards greater dependence on indirect channels has been evident since the 2008 crash. But, he adds, “What is certain is that the percentage growth aspirations of the funders is greater than the reported rate of market growth, so they will have to steal each other’s lunch!”

In fact, in 2016 there was a small but significant reversal of this trend, with the market share of indirect sales decreasing for the first time in several years. So is the indirect channel stalling?

In George Ashworth’s opinion, “for two reasons, the asset finance broker market is at an inflexion point.”

First, he says, “I do not expect the broker market to grow in overall terms over the foreseeable future. The nature of the brokers acquired (as well as the ownership nature of many of the funders) would suggest to me that volumes in the broker channel will have diminished. More importantly, however, is a suspicion that the quality of broker-derived business will be falling at a faster rate. If they are not already, broker-based models will soon be price competing to not only grow, but also to maintain, the volumes of business they need. In the absence of being able to seek technical efficiency gains, I believe net margins will become increasingly squeezed in this space.”

And the second reason is that “none of us are getting any younger. It would be interesting for the NACFB to produce an age distribution of their asset finance membership. I suspect that we have an increasing ageing broker population with little in the way of new blood coming into the industry. I suspect the absolute number of brokers to therefore decrease and/or the average volume of business brokered per broker to fall.”

“With a focus on improving the cost/income ratio the banks are seeking to push costs from direct to indirect and fixed to variable. Given the continued pressure on margins there is unlikely to be an appetite to reverse this process.”

“If they are not already, broker-based models will soon be price competing to not only grow, but also to maintain, the volumes of business they need. In the absence of being able to seek technical efficiency gains, I believe net margins will become increasingly squeezed in this space.”

MARK PICKEN Shire Leasing

“What is certain is that the percentage growth aspirations of the funders is greater than the reported rate of market growth, so they will have to steal each other’s lunch!”

ROGER SKINNER Maxxia

34 ASSET FINANCE 50 • 2017

JULIAN ROSE

Asset Finance Policy

Author of the A to Z of Leasing and Asset Finance (2017)

Your inputWe welcome your views and comments on the AF50. Your input will be important in helping to ensure the rankings are as complete, reliable and useful as possible. Please contact Julian Rose at Asset Finance Policy ([email protected]). Corrections will be published on the Asset Finance International website.

mailto:julian%40assetfinancepolicy.co.uk?subject=

Documents

2017 - Asset Finance Internationalanother revealing report. It’s great to see this important research and analysis becoming a fixture in our calendar. ... 23 Scania 31/12/2015 364