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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

  • Richard Conway

  • Mark Glowrey

  • Sam Goldman

  • Josh Knox

  • Michael Leslie

  • Lisa Montgomery

  • Alex Morgan

  • Brian Phelan

  • Henrietta Podd

  • Duncan Salter

  • Andrew Simmons

Adrian Bell

Adrian is the Director and Head of our Social Housing team. Adrian started his career with Hambros Bank where he 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 he 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 Adrian 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

Samantha joined JCRA in 2011 and is a Director based in our Edinburgh office. Sam has 20 years’ experience in Treasury markets having worked in foreign exchange (FX) trading at Bank of America in London and WestLB in Singapore. Latterly, she held senior positions at Clydesdale Bank and HBOS, undertaking client advisory mandates as well as leading the FX Sales team in Scotland at HBOS. Sam has two very sporty sons who keep her extremely busy with tennis, football, rugby, golf and skiing. Sam has a Bachelor's degree (First class Hons) in Finance from the University of Strathclyde. Sam also sits on the Capital and Finance committee at Social Investment Scotland, a charity and social enterprise that provides loans to other charities, social enterprises and community groups across Scotland.
Email Sam: Sam.Bett@jcrauk.com

Jackie Bowie

Jackie is the CEO of JCRA and a member of the JCRA Group Board. She has been with JCRA for over 12 years and in that time has worked across all of JCRA’s client sectors, advising on interest rate, FX and wider treasury management mandates. Jackie has 22 years of capital markets experience. She spent 10 years as a US Equity fund manager in various roles at Murray Johnstone and Aegon (now Kames) Asset Management. Jackie has a Bachelor's degree (Hons) in Economics, a Master's degree in Investment Analysis and is a member of the CFA Institute. Jackie is married with two daughters and is most frequently asked the question ‘Are you related to David?’
Email Joe: Jackie.Bowie@jcrauk.com

Richard Conway

Richard is an Associate at JCRA and provides clients with advice on interest rates, inflation, and economics. Richard also assists with business plan modelling and stress testing in Brixx/Excel. Prior to JCRA, Richard held roles at Canaccord Genuity and Strategic Insight. Richard holds a Bachelor's degree in Economics from Trinity College, Dublin; a Master's degree in Economics from the University of Warwick and has completed the Capital Markets Programme with the Chartered Institute for Securities and Investment. Richard can be found most weekends cycling in Surrey Hills.
Email Richard: Richard.Conway@jcrauk.com

Mark Glowrey

Mark is a Director based within our Social Housing team. Before joining JCRA in April 2016, Mark worked with Canaccord Genuity, where he established their retail-eligible bond distribution across the wealth management and intermediary sectors, and later broadening distribution to a range of institutional investors. Mark is known for his in-depth market knowledge, direct investor engagement, and for writing – his first book is about to hit the shelves. When he’s not writing, or working, Mark can be found up the side of a mountain, on the water, or sometimes sailing through mid-air. Mark is a Member of the Chartered Institute of Securities and Investments (MCISI).
Email Mark: Mark.Glowrey@jcrauk.com

Sam Goldman

Sam provides advice and support on funding mandates, renegotiation of bank debt, interest rate management, capacity reviews, credit analysis and stress testing for housing associations. Prior to joining JCRA in 2017, he worked in Relationship Management at the Commonwealth Bank of Australia, focusing on Social Infrastructure, Education, Health and Government clients, and has had previous roles at Commonwealth Bank in Advisory, Strategy and Business Analysis. Sam has a keen interest in politics, travel and hiking, and holds a Bachelor of Laws and a Bachelor of Economics and Social Science from the University of Sydney.
Email Sam: Sam.Goldman@jcrauk.com

Josh Knox

Josh is an Associate, having joined JCRA in January 2016. Before joining JCRA, he spent time working at ANZ Banking Group. Josh has seized all the opportunities that JCRA offers, making plenty of friends along the way - who always defer to his superior knowledge of all things music. Josh holds a Bachelor's Degree (First Class Hons) in Finance and Economics from the University of Waikato.
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

Lisa joined JCRA’s Social Housing advisory team in mid-2015, after moving to the UK from South Africa. She provides support on funding mandates, derivative strategy mandates, capacity reviews as well as credit analysis and stress testing for housing associations. Previously, Lisa worked as an analyst at the investment banking division of Translink Corporate Finance, and as a fund accountant at Maitland Fund Services. She has a Master’s Degree in Financial Management from the University of Cape Town.
Email Lisa: Lisa.Montgomery@jcrauk.com

Alex Morgan

Alex is an Associate at JCRA, providing clients with advice and support on funding mandates, renegotiation of bank debt, interest rate management, capacity reviews as well as credit analysis and stress testing for housing associations. Prior to joining JCRA in 2016, Alex was an Assistant Vice President at Barclays, working in the debt finance team focusing on the education and social housing sectors.  Alex holds a Bachelor’s degree in Economics (First Class Hons) from Cardiff University. Outside of work, Alex spends his time playing tennis and suffering through West Brom matches.
Email Alex: Alex.Morgan@jcrauk.com

Brian Phelan

Brian is a Director at JCRA based in New York. Prior to joining JCRA in 2011, Brian worked on the Convertible Bond and Volatility Arbitrage desk at Concordia Advisors in New York and Bermuda, where he developed models for trading and valuation, including an automated hedging system that traded equities in international markets. Brian interests are varied, ranging from football to Physics – he represented Ireland at the International Physics Olympiad. Brian holds a Master’s degree in Quantitative Finance from The Michael Smurfit Graduate School of Business, University College Dublin and an Master's in Computer Science from The City University of New York, Graduate Center. He also has a Bachelor's degree in Mathematical Sciences from Dublin City University.
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

Andrew is a Director of JCRA and works on structuring finance for clients covering a broad range of asset classes. Andrew joined JCRA from a top 100 charity where he was the Finance Director and prior to that he was a partner at Brookfield Financial where he advised on M&A and structured finance. While at Brookfield, Andrew focused on the property sector advising clients in the UK, Europe and North America. Andrew is a Chartered Accountant, qualifying with Ernst and Young LLP where he worked in the private equity M&A Advisory team before moving to Eurohypo to focus on the Real Estate sector.
Email Andrew: Andrew.Simmons@jcrauk.com
Meet the rest of the team

How can we help you

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