Fair Oaks Income Ltd on Wednesday said it appointed Richard Burwood as non-executive chair, effective from Tuesday this week.

The Guernsey-based closed-ended investor in collateralised loan obligations said Burwood will replace Claudio Albanese, who has stood down as chair but will remain as non-executive director, in line with the board’s succession plan.

Burwood has 30 years of experience in banking and investment management, Fair Oaks Income said. This includes 18 years with Citibank London, where he spent 11 years as a fixed income portfolio manager spanning both banks/corporate investments and asset-backed securities.

From January 2013 until this month, he served on the board of fellow Guernsey-based firm Twentyfour Income Fund Ltd, which specialises in asset-backed investments. He also held positions at other Guernsey-based financials and elsewhere.

In August 2015, Burwood became a board member of Funding Circle SME Income Fund Ltd, Fair Oaks Income said, which provided investors access to a diversified pool of small and medium-sized enterprise loans originated through UK, US and European marketplaces.

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