Mr Groves, a well known industry speaker and commentator, has over 20 years’ experience within the insurance and retirement sectors, with much of that time spent leading Partnership Assurance and later Partnership Plc, where he progressed to group chief executive.
He led a major expansion of the Partnership business which resulted in sales growth of 400%. Following the £1.6 billion flotation, he remained group chief executive and continued in the role during the merger with Just Retirement in August 2015, before leaving the business in 2016.
Simon Thompson, chief executive of Key Retirement Group, said: “We are delighted that Steve has agreed to join Key Retirement Group as his customer focused ethos and track record fit perfectly with our plans for the future.
“His wealth of experience in the retirement sector and in successfully growing specialist businesses will be a major asset for Key as we deliver our expansion strategy.
"We are also delighted that David Young, with whom we have worked so closely over the past four years, is to continue in his non-executive director role providing good continuity for the business.”
Steve Groves, chairman, Key Retirement Group, said: “I know Key Retirement Group well having worked previously with them as a major business partner and I look forward to working with Simon and the team to build on the relationships and knowledge both they and I have from the past two decades in this sector to help serve existing and new customers.
“The acquisition by Partners Group means Key is poised to grow substantially and I look forward to working with the team and being part of the growth over the coming years.”
Key Retirement recently announced its plans to increase its total number of equity release advisers to more than 200 by next year. It 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 UK equity release market.