About Windermere

We are an asset management and investment advisory firm focused on the UK housing sector, with particular expertise in the ownership and management of equity loans.

Our team

Tom Welch

Founding Partner

Prior to founding Windermere, Tom was a director in the Lloyds Bank Financial Markets division working with large corporates and investors in the UK. Before Lloyds, Tom started his finance career at Barclays Capital structuring cross-asset and liability products across rates, equity, property and commodities on a solutions basis for a range of financial institutions. Before this, Tom served as an Infantry Officer in the British Army and has a degree in Economics from the University of Exeter.

Outside of banking and finance, Tom has developed new-build residential schemes in the UK, including first-time buyer and retirement accommodation.

Tom enjoys nothing more than a swim in the Serpentine or the North Sea on a cold winter morning, which is where you will find him most weekdays before work.

Tom on LinkedIn

Aled Jenkins

Founding Partner

Before Windermere, Aled worked in the Lloyds Bank Financial Markets division, where he held various roles in the interest rates team. He has built many of the proprietary models and data tools that give Windermere an analytical edge in portfolio appraisal and management.

Aled is a Non-Executive Director of Funding Affordable Homes Housing Association, a for-profit Registered Provider, and chairs its Audit and Risk Committee.

Aled has a passion for sport and long-distance walking, having completed the 800km Camino de Santiago in 19 days. He spends most of his free time running after his two young boys, who he hopes will one day form the Wales rugby team’s centre partnership.

Aled on LinkedIn

Our story

Aled Jenkins and Tom Welch, Windermere’s founding partners, talking on a London street

2013 to 2014
The seeds of Windermere’s expertise were sown in Lloyds Bank. With Lloyds’ large balance sheet exposures to housebuilding and its coverage of national house builders, we were asked to help the coverage team find a solution for a house builder that wanted to release capital by selling its equity loan portfolio, so it could reinvest in its operating model.
A successful disposal would give the house builder welcome capital to build more homes, in keeping with the bank’s mission of ‘Helping Britain Prosper’. So, we set about learning about all aspects of this niche asset class: valuation drivers, enforceability risks, regulatory pitfalls, and key public and proprietary datasets, with Lloyds helpfully being the largest residential mortgage lender within the UK.
2014 to 2015
Learning with every transaction, we completed a series of equity loan portfolio disposals as agent on behalf of UK house builders, leveraging the bank’s proprietary datasets and its wide pool of credit investors, creating value for the house builders and giving acquirers a detailed understanding of the portfolios.
2015
We left Lloyds to form a niche asset management and advisory business, convinced that the insight gained from those sales put us in a strong position to become long-term custodians of these assets.
2017 to 2019
Windermere partnered with a local authority pension fund and a listed alternatives manager to advise on the acquisition of seven equity loan portfolios. We continue to oversee the management of all of those portfolios today.
2023
Windermere was approached by a G15 housing association with a request to support the strategic outsourcing of its large equity loan portfolio. Objectives of the outsourcing included improving the experience of its borrowers, reducing operational, regulatory and reputational risk, and improving the portfolio’s financial performance.
Today
In total, Windermere has overseen the management of more than 5,000 equity loans and continues to provide asset management services to a major G15 housing association.