Rand spent 12 years in the British Army before moving to banking in 2000. He started his career at JPMorgan before joining Barclays, where he worked for 12 years. Rand left the bank at the end of 2020.
He will succeed as CEO of Monument to Mintoo Bhandari, former managing director of US investment giant Apollo who founded the lender in 2018.
Bhandari said: “Ian has extensive technical and organizational experience as a bank executive; but, more importantly, he shares our vision and enthusiasm for making Monument a valuable, impactful and sustainable institution in the rapidly evolving financial services market.
Monument targets what he calls the “mass rich”: real estate investors, middle managers and entrepreneurs who have more money than a retail bank can provide, but not enough to attract the interest of consumers. asset managers. Its target market is between 250,000 and 5 million pounds. The bank estimates that there are 4.8 million people in this bracket in the UK.
Rand said, “The bank aims to fill a much needed gap in the market.
“I am thrilled to lead an incredible team, who have the potential to reimagine the market as it is today and achieve the ultimate goal of helping people save and grow their wealth. “
Monument has raised around £ 60million to date. Funders including former Panmure Managing Director Gordon Ian Ax and London property developer Chris Murray.
The bank is chaired by Niall Booker, a longtime former HSBC banker who saved Co-op Bank from the brink of collapse in 2013.
Monument got its license in November and officially launched its app last month.