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You may provide services that benefit local communities in the form of social housing, educational facilities or you run a charity. You have unique challenges and need a hedging or debt strategy that reflects this. We work with organisations from these sectors to provide advice on debt, fundraising and the renegotiation and restructuring of loan facilities. Our appropriate and tailored hedging or debt advice and solutions mean that you can focus on delivering essential services to the community.



We provide debt and treasury support and advice to schools, universities and higher education colleges. Our funding and hedging solutions are designed to align with your objectives. We understand the many nuances of the education sector and draw on cross-sector knowledge to deliver you comprehensive solutions and advice.

Social Housing

Social Housing

We have over 15 years' experience in the Registered Provider sector, advising on capital markets, debt and treasury and cash management. Our team of UK experts have in-depth knowledge of local market conditions as well as of the continually changing funding and treasury arena. We offer you a quality bespoke service, even after a mandated engagement is complete. Having bolstered our team through the acquisition of Canaccord Genuity’s social housing and bond advisory business, we are one of Europe’s largest teams advising the Social Housing sector.

Health and Care

Health and Care

Clients in the Healthcare sector greatly value our in-depth industry knowledge. As we have seen in recent years, your interests can be materially affected by the changing political climate. Our strategies and solutions are designed to be adaptable to external factors, and aligned to your business goals. We work with multiple counterparties to find you the financing your business needs.



For treasury risk management or to access bank and capital markets (directly or through Retail Charity Bonds (RCB)), we provide a range of financial services to registered and exempt charities. Retail Charity Bonds, established with social enterprise Allia in 2014, is a platform to allow charities with major capital programmes to access medium term fixed rate funding (7-12 years) from both wholesale and retail investors. The charity borrows from RCB via an unsecured loan, and RCB issues a back to back bond to investors, branded with the charity’s name. The bond is simple fixed income security and a socially responsible investment, listed and tradeable on the London Stock Exchange. 

Student Accommodation

Student Accommodation

We have considerable experience in working for groups involved in student accommodation, a sector that has recently evolved into an attractive institutional asset class. We understand your exposure to demographic change, the impact of economic trends and political shifts. With that knowledge, we are able to produce financial strategies to reduce or control your financial risk exposure. We can also help you raise debt to fund growth ambitions and improve your returns.


We provide a range of hedging strategies and derivative solutions designed to reduce volatility and protect your profitability.

  • Structured Finance and
    Debt Advice

    Market conditions and business ambitions vary, our tailored advice considers this

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  • Structured Finance and
    Debt Advice

    We are experts in structuring and arranging debt solutions for our clients. We analyse your portfolio or individual assets, and advise on the best terms and conditions that can be achieved, taking into account varying market conditions.

    We work closely with our private equity, corporate and public sector clients to design bespoke solutions, built on an individual assessment of risk exposure and business objectives. The application of structured hedging strategies often becomes a crucial part of any funding package, so our team of experts, based in the UK, devise customised strategies to determine the most timely and cost effective structure for you. We’re perfectly positioned to communicate your needs to the relevant markets, ensuring that you get the best possible results.

  • Interest Rate Hedging

    Often mandatory, but with the right advice you can make it work in your favour

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  • Interest Rate Hedging

    Management of a transaction’s interest rate exposure is often a condition of sanction from providing banks who directly benefit from providing ancillary services. We evaluate your interest rate risk and create a hedging strategy that satisfies any particular lending requirement and meets your business objectives. Unlike the bank, our strategy advice is impartial. As an independent firm, we have no other motive than to deliver a strategy that is best aligned to your business goals.

  • FX Hedging

    Mitigate losses and risk associated with currency fluctuations

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  • FX Hedging

    Importers, exporters and investors with overseas assets are all exposed to foreign exchange risk. Failure to analyse risk and implement a bespoke hedging strategy can lead to significant losses.

    We evaluate your business’s FX exposure: transactional and translational; short, medium or long term. Some FX exposures are easily identifiable, while others are less obvious. Optimal FX management involves the ability to work within credit constraints and around the inevitable fallibility of forecasts, while also considering natural hedges.

  • Commodity Hedging

    Your commodity exposure is connected to your commercial arrangements. We understand that

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  • Commodity Hedging

    We structure hedge solutions that match your objectives. We understand the interaction between your commodity exposure and other commercial arrangements such as debt covenants. Our pricing capabilities provide complete transparency on pricing, and our experience and contacts within this specialised area mean we can source the best hedge counterparties. 

  • Inflation Hedging

    How do you mitigate exposure to index-linked income/expenditure? We assist with this, and more

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  • Inflation Hedging

    Inflation risk can arise within a business either explicitly, through a contractual arrangement, or implicitly, through cost or revenue base. It is important when assessing inflation hedging requirements to identify any natural offsetting hedge already present in your business. We can advise you on how to mitigate exposure to index-linked income/expenditure. We offer you our expertise to assess the risk, ensure that the appropriate hedging structure has been chosen and negotiate fair and transparent pricing with the hedge provider. 

  • Cash Management

    How do you manage surplus cash? Our independent advice ensures a strategy that’s best for you

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  • Cash Management

    The risks inherent in managing surplus cash are counterparty credit risk, concentration risk and liquidity risk. We work with you to establish the intentions for the cash holdings and consider the relative importance of security, liquidity and yield, as well as factors such as risk versus return and complete capital preservation. We advise on a wide range of short-term investment opportunities, including bank treasury deposits, call accounts and money market funds, designing and documenting bespoke cash management policies and strategies. Our independence means we refuse any introductory commissions from cash product providers, instead requesting that they divert this payment to you in the form of an improved rate of return.

  • Dispute resolution and expert witness

    Unbiased and expert opinion in hedging disputes based on forensic analysis and cross-sector experience

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  • Dispute resolution and expert witness

    If you have a hedging dispute related to hedge mis-selling, our experience and independence means we are well placed to help with the resolution of your case. We look at the core objectives of the borrower, review all correspondence and documentation pertaining to the hedge and the pricing, as well as any alternatives which may have been offered. Our systems recreate historical markets in which the instrument was traded to provide context and determine whether the hedge was suitable and appropriate at the time. A hypothetical hedging strategy and our opinion on what would have been the most suitable course of action are formulated. This is used to benchmark the hedge under dispute and provide guidance on an acceptable level of redress.

    You may need an expert witness, if you have initiated a legal claim and require independent input as part of the litigation process. We can assist under instruction from legal counsel on the case. Our service encompasses the aspects described above and delivers an in-depth appraisal of the communication between defendant and claimant pre, during and post hedge execution. In the UK, all reports comply with requirements set out in Practice Direction 35.

Meet our social infrastructure team
  • Adrian Bell

  • Samantha Bett

  • Jackie Bowie

  • Joana Cardoso

  • Richard Conway

  • Sam Goldman

  • Josh Knox

  • Michael Leslie

  • Lisa Montgomery

  • Alex Morgan

  • Brian Phelan

  • Henrietta Podd

  • Duncan Salter

  • Andrew Simmons

  • Sohail Singal

Adrian Bell

I am the Director and Head of Jcra's Social Housing team. I started my career with Hambros Bank where I built the fixed income business in a number of Eurobond markets and developed specialist institutional placement in long dated Sterling Bonds and US$ private placements. This team pioneered using the bond market to fund Housing Associations and were responsible for most of the innovations in this area benefitting the sector. In 1998 I joined RBC rising to Chairman of RBC Europe, which during this time became one of the pre-eminent sterling bond houses in the City, and established the bank’s global Infrastructure Advisory Team. In 2009 I retired from RBC to start a new, non-conflicted advisory business, focussed on assisting businesses previously reliant on bank and derivatives markets to access the bond market.  This team now advises approximately 50 housing associations on all aspects of treasury, risk management and funding. Email Adrian: Adrian.Bell@jcrauk.com

Samantha Bett

I am a Director based in Glasgow, working with JCRA’s Scottish and North of England clients across our specialist sector teams, primarily real estate, private equity and corporates. I have particular expertise in foreign exchange and interest rate risk management, having worked in financial markets since the mid-1990s.

I joined JCRA in 2011, moving into advisory services following a varied career in treasury roles in banks in London, Singapore and Glasgow. I graduated from Strathclyde University with a first class degree in finance and joined the graduate programme at Bank of America. I had a baptism of fire in emerging markets FX trading from the Asian currency crisis in 1997 to the Russian devaluation and default the following year. I moved out to West LB in Singapore to set up the NDF trading function, before moving back to the UK and into treasury sales roles across FX and interest rates for the corporate client base at Clydesdale Bank and HBOS.

I thoroughly enjoy working in an advisory capacity. My role requires me to have a deep understanding of our clients’ requirements with the wide range of engagements and client sectors, ensuring that I am always challenged to keep my sector knowledge and treasury risk management expertise up to-date. I also act as an independent expert witness for borrowers in litigation actions in relation to derivative sales by banks and brokers.

My sons, Murray and Gregor, are extremely active and weekends are spent on tennis courts, rugby and football pitches, golf courses and on the pistes. Our family holidays are very important and my husband and boys share my love of travel.

Email Sam: Sam.Bett@jcrauk.com

Jackie Bowie

My job is to lead the JCRA team across our offices in the UK and North America. My work is extremely different day to day and I remain involved in many advisory engagements for clients across our specialist sector teams.  I also have the privilege of spending lots of face to face time with both existing and new relationships; explaining to them the value JCRA’s expertise can bring to their risk management decisions.  I am part of the Group Board which means relentlessly driving our growth agenda and of course our regulatory and compliance obligations.   I joined JCRA in 2004, initially in the Edinburgh office.  I advised many clients on hedging against FX and interest rate risk.  In 2010, after being appointed a Director and joining the Group Board, I relocated to London.  In 2012 I was part of the management team which completed the VMBO, moving on to execute the second phase of that in 2017; taking in our first tranche of external capital and allowing the founding directors of JCRA to retire.   I hold a first class degree in Economics from Strathclyde University and MSc in Investment Analysis and am a member of the CFA institute. My early career in finance focused on the US equity markets where as an equity analyst and subsequently a fund manager I had an exciting 10 years within various Scottish asset managers.  Investing in the equity markets through the tech boom and subsequent bust in the late 1990’s was a learning experience never to be forgotten!  A career shift to advisory was unplanned, but after just 6 months of working with JCRA’s clients I knew I had definitely made the right choice.   I love to be active, and when time allows enjoy running and swimming.  I am also a voracious reader and will never be without a book in my bag.   My two daughters Eva and Isla keep me busy the rest of the time, and weekends are spent supporting their pursuits with downtime usually being a family meal and a movie. Email Jackie: Jackie.Bowie@jcrauk.com

Joana Cardoso

I joined the Social Housing team at JCRA as a Trainee Consultant in January 2018. In my role I provide housing associations with advice and support on a range of matters, including bank and capital markets debt, interest rate management, capacity reviews, credit analysis, and stress testing.   Prior to joining JCRA I worked at S&P specialising in investment management client relationships. I hold a Bachelor’s degree in Management & International Business Economics from the University of Manchester, and am studying towards my Level III CFA exam.   Email Joana: Joana.Cardoso@jcrauk.com

Richard Conway

As an Associate Director on the Social Housing team, my role is focused on helping JCRA’s clients optimise their funding arrangements and ensuring that their treasury portfolios are fit for purpose. goals. It is a broad mandate, which means that I work across a range of products and borrowers, with a particular focus on housing associations and charities in the UK.

Over the course of a single day, I could find myself meeting with a rating agency, pricing a new bond or private placement, and restructuring a swap portfolio. This scope allows me to work on many different aspects of a problem for our clients, delivering a holistic, outcome-focused solution, whether that means reducing interest costs over six months, or funding development of new homes over six years.

I joined the JCRA team in 2016 from Canaccord Genuity, where I sat within the UK Fixed Income team. In my time there the team was focused on helping UK borrowers access new funding from the retail, wholesale and private placement markets as well delivering associated treasury advice to help support business planning and borrowing decisions.

I hold an Msc in Economics from the University of Warwick as well as a BA in Economics from Trinity College Dublin, with a focus on financial economics and monetary policy.

Outside the office, I can usually be found exploring the countryside around London on a bicycle or catching up on the weekend’s rugby.

Email Richard: Richard.Conway@jcrauk.com

Sam Goldman

I work as an Associate Director on the Social Housing team. I provide advice and support for housing associations on a range of matters, including funding mandates (this includes for debt capital markets), renegotiation of bank debt, interest rate management, capacity reviews, credit analysis, treasury advice, and stress testing.

Prior to joining JCRA in 2017, I worked in Relationship Management at the Commonwealth Bank of Australia in Sydney, focusing on social infrastructure, education, health and government clients. I had also previously worked in previous roles here, having spent over 10 years in Strategy and Business Analysis.

I hold a Bachelor of Laws and a Bachelor of Economics and Social Science degree from the University of Sydney. Outside of work, I have a keen interest in politics, travel and hiking.

Email Sam: Sam.Goldman@jcrauk.com

Josh Knox

Based in our London office as an Associate in debt advisory, my job is to structure, arrange and implement debt financing for JCRA clients across both Alternative Asset classes as well as more typical real estate classes.

I joined JCRA in January 2016, and have assisted numerous clients in obtaining the most appropriate debt financing from a variety of lenders. Prior to my time here I worked in both M&A and Corporate Banking, most recently with ANZ Banking Group.

I hold a Bachelor's degree (First Class Hons) in Finance and Economics from the University of Waikato, as well as a First Class Honours degree in Economics.

Outside of finance, I am most passionate about politics and philosophy.

Email Josh: Josh.Knox@jcrauk.com

Michael Leslie

Michael is a Director, based in Edinburgh, and specialises in debt advisory work along with advising on debt related hedging. Michael is a Chartered Accountant and has extensive experience of mid-market corporate and property finance having previously worked in M&A Advisory with Ernst and Young LLP, Corporate Banking with Bank of Ireland UK and in Transaction Services with Deloitte LLP.
Email Michael: Michael.Leslie@jcrauk.com

Lisa Montgomery

I joined JCRA’s Social Housing advisory team in mid-2015, after moving to the UK from South Africa.

In my role at JCRA, I provide support on funding mandates, with particular focus on the banking market and capital markets for housing association, universities and charities. I also provide support on derivative strategy mandates, capacity reviews, credit analysis and stress testing for housing associations.

Before moving to London, I worked as an analyst at the investment banking division of Translink Corporate Finance, and as a fund accountant at Maitland Fund Services.

I hold a Master’s Degree in Financial Management from the University of Cape Town.

Email Lisa: Lisa.Montgomery@jcrauk.com

Alex Morgan

I am an Associate Director on the Social Housing team at JCRA. We provide clients with advice and support on funding through capital markets, renegotiation of bank debt, interest rate management and capacity reviews as well as credit analysis and stress testing for housing associations. Recent deal highlights I have been involved in include advising Pennaf Housing Group through their £250m debut public bond issuance, the first of its kind for a Welsh housing association, and the debut private placement for Red Kite Community Housing.

Prior to joining JCRA in 2016, I was part of the debt finance team at Barclays, specialising in the education and social housing sectors. I hold a Bachelor’s degree in Economics (First Class Hons) from Cardiff University.

Outside of work I enjoy spending my time playing tennis, and suffering through West Brom matches.

Email Alex: Alex.Morgan@jcrauk.com

Brian Phelan

My job is to lead the Client Services Delivery team across North American from JCRA’s New York office. This means I focus on structuring and pricing derivatives across the PPP, Project Finance, Private Equity, and Real Estate sectors. I advise clients during trade execution on both auction and negotiated trades, assist with ISDA and credit spread negotiations, KYC and Dodd Frank requirements pre-trade and, finally, assist with valuations, hedge accounting and journal entries post-trade. I mainly cover interest rate and FX trades but have also assisted on power and inflation transactions. I am also a member of the IT Strategy group at JCRA.

I joined JCRA in 2011, initially on the property desk in the London office. Along with advising property clients, I worked on several structured finance and dispute resolution mandates. Also, as a developer I created or extended several of the valuations platforms for JCRA. In 2015, I relocated with my family to New York.

I hold a BSc in Mathematical Sciences from Dublin City University, an MSc in Quantitative Finance from The Michael Smurfit Graduate School of Business, University College Dublin, and an MPhil in Computer Science from the City University of New York, Graduate Center. After completing my MSc I joined the Volatility Arbitrage desk at Concordia Advisors in Bermuda and later New York, where I developed systems and models for trading, back-testing and risk management, including an automated hedging system for gamma scalping across several international markets.

Email Brian: Brian.Phelan@jcraus.com

Henrietta Podd

Henrietta is a Director in our Social Housing team, since joining JCRA in April 2016. Henrietta has worked in the bond markets for 30 years, during that time she has worked largely in the wholesale bond markets covering most industry sectors. In 1992 she moved to Hambros to concentrate on bond issuance for infrastructure, and increasingly advised on the UK’s PFI/PPP programme. At RBC she headed an award winning bond team and was responsible for the capital markets relationships with Housing Associations also leading the debut issue for THFC No2.  Henrietta started the housing association advisory team with Adrian in 2009/2010. Day to day she manages a number of housing association retained relationships, specialises in advising on the capital markets and maintains the team’s relationships with the largest UK institutional investors.
Email Henrietta: Henrietta.Podd@jcrauk.com

Duncan Salter

Duncan is a Director based in our Social Housing team in London and manages and leads on a number of client mandates. Prior to this Duncan was at Canaccord Genuity. Over the last five years Duncan has led a number of major strategic advisory mandates as well as financing transactions, with both UK and US investors. At JCRA, Duncan manages a team of modellers and executives providing advice to housing association clients across all aspects of treasury practice,  risk management and finance from constructing business plans and stress testing to M&A.
Email Duncan: Duncan.Salter@jcrauk.com

Andrew Simmons

As the head of Operating Assets, my job is to lead the JCRA team that focuses on the alternative real estate sectors of student accommodation, build to rent, healthcare, & hospitality, and leisure. Within those sectors, I am involved in both our debt advisory work and our hedging consultancy.

I joined JCRA in 2015, returning to financial advisory after some time spent working in the charity sector, in which I was a Finance Director for a top 100 charity. Prior to that I was a partner at Brookfield Financial, advising property clients and other Brookfield group companies on M&A and structured finance.

I hold a degree in Law from Edinburgh University and am a member of the Institute of Chartered Accountants of Scotland. Having qualified as a CA with EY, I continued my early career there, working in the M&A practice advising private equity and mid-market clients, initially in Edinburgh and latterly in London. After moving to London with EY, I began to focus on the real estate sector, first joining Eurohypo Bank and then continuing that focus when joining the Brookfield Group.

No longer working for a large charity, I have replaced that executive role with a trustee role in a relatively young charity in my time outside of work, seeking to continue to be active in that sector with a personal focus on helping young adults to be given the best opportunities available in order to thrive.

Email Andrew: Andrew.Simmons@jcrauk.com

Sohail Singal

I am a Trainee Consultant at JCRA in the Social Housing team, having joined in 2018. I provide advice and support for housing associations on a range of matters, including funding mandates, renegotiation of bank debt, interest rate management, capacity reviews and stress testing.   Prior to joining JCRA, I was an investment consultant at LCP, specialising in advising companies on their pension scheme investment strategy.   I hold a BSc in Economics and Statistics from University College London and am a CFA Chartholder.
Meet the rest of the team

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