Alternative lender Sancus BMS Group has announced Graham Sheward as managing director of its Isle of Man operation.

He replaces Michael Hennessy who moves to being chairman of the company.

Mr Sheward will be responsible for leading the company’s business strategy and growth and will be a member of the group’s executive committee.

He has more than 20 years’ experience of managing international financial services businesses across multiple jurisdictions including the Isle of Man, London, Guernsey, Ireland, Mauritius, Singapore and South Africa.

Mr Sheward moved to the Isle of Man in 1999 with NatWest Offshore and was subsequently managing director for both Zurich Bank International and Close Brothers Offshore Banking Division.

He returns to the Isle of Man after eight years working in Mauritius, where he was country corporate director for Barclays International Banking, implementing and managing the Barclays Africa Group cross-border lending strategy and more recently, over the past four years, as managing director for SGG Global (Mauritius) Ltd.

Sancus in the island is based at Exchange House, Athol Street, Douglas.

Mr Sheward said: ’The alternative finance market has an increasingly important role to play in meeting the financing needs of businesses, entrepreneurs and developers, especially in today’s economy.

’The opportunity to join a growing and dynamic team in this sector, with such strong lending principles and access to multiple layers of funding is very exciting.’

The Sancus BMS Group has provided more than £1 billion of funding to SMEs (small to medium size enterprises) and entrepreneurs over the last four years.

Andrew Whelan, chief executive of Sancus BMS Group, said: ’We are delighted that Graham has decided to join the business.

’His experience and background is of real benefit to the group and will support our ambitious plans for growth.

’He has deep technical knowledge of the lending market and brings with him experience of lending across a range of jurisdictions.’