Equity release and later life provider Key Retirement has promoted Will Hale to chief executive and announced plans to increase its total number of equity release advisers to more than 200 by next year.

The Preston-based company is recruiting advisers now as part of its expansion plans and investing in training through its Key Academy initiative aimed at bringing new advisers into the market and developing existing staff.

Mr Hale, who joined Key Retirement Group in 2014 as business development director, has been promoted to CEO of Key Retirement to spearhead the expansion plans which will also see investment in technology to help “engage and educate” customers better and increase adviser productivity through integrating proprietary sourcing systems with lender and solicitor platforms.

Key is launching the recruitment and investment drive following its £208 million acquisition by global private markets investment manager Partners Group as it prepares for anticipated growth in the equity release market.

Key says that equity release lending grew by 33% in the first half of the year and analysts estimate the market will break the £5 billion barrier by 2021 which would be more than double the £2.1 billion lent in 2016.

Key’s plans to strengthen partnerships with major banks and building societies to help customers facing interest-only mortgage shortfalls and supporting introducers across the wealth and mortgage intermediary sectors to refer customers who they identify need specialist equity release advice.

Simon Thompson, CEO of Key Retirement Group, said: “Expert advice is central to the expansion of the equity release market as it grows to meet customer demand and we are committed to supporting the growth as the market leader.

“The acquisition by Partners Group is enabling us to increase investment and Will’s expertise and experience makes him the ideal candidate to lead the expansion of the advice arm.”

Will Hale, CEO Key Retirement, said: “Increasing advice capacity is crucial as Key grows in response to the strong customer demand for equity release. The adviser recruitment will include adding significant numbers to our telephone team as well as adding more face-to-face advisers to align with anticipated regional trends in demand.”