Australian life and investment group Challenger International is to launch a series of pension pro...
Australian life and investment group Challenger International is to launch a series of pension products in the UK market, writes James Phillipps.
Challenger, with more than £2bn in assets under management, wants to roll out a range of life and investment products to the UK market using the existing management and IFA distribution network of Neville James, which it has purchased for £6.65m.
Brett Newman, executive director of Challenger, said: "The first product we will launch in the UK is a compulsory purchase annuity and we will subsequently enter into the pensions and income drawdown markets."
Plans are also afoot to develop an online functionality, enabling IFAs to obtain real-time quotes for annuities.
Challenger will use the experience gained in running 10 Australian split trust funds to launch investment trusts in the UK towards the second half of the year, according to John Heller, managing director of Neville James.
Heller said: "Investment trusts will almost certainly be the corporate vehicles for the things we are looking at, such as new types of split-cap trusts, capital guaranteed products and a range of Australian-style products."
Challenger will not look to gain dual listings for its existing trust range although the product design will be similar, based largely around property investments, Newman said.
Heller said the Neville James brand will be retained for TEP-related products, but all investment products will come under the Challenger brand, including Neville James's planned onshore Oeic, pending FSA approval.
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