Challenge too far

Challenger markets retail and wholesale investment products in New Zealand but will now only offer wholesale funds to institutional investors. Last month Challenger sold its retail broking business, Challenger First Pacific.

The moves may be associated with the merger of the Challenger group in Australia with CPH Investment Corporation.

The six-strong management team in Auckland were told about the closure yesterday. Challenger has yet to announce what will happen to the investment funds that affect New Zealand investors.

In April chief executive Chris Cuffe was appointed and it appears he has used his experience as a former Colonial First State executive to clear the decks. The former Colonial asset management business is now a sale branch of the Sydney company.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

LOC - Bitcoin Holding Converted to Cash
CEN - Contact launches green Capital Bond Offer
Anthropic asks investors to trust it won't do evil
WHS - The Warehouse Group releases new strategy
November 2nd Morning Report
BRM - Barramundi Limited Investment Mandate
Devon Funds Morning Note - 30 October 2026
VGL - Vista Group appoints Rob Hamilton as Independent Director
PCT - announces Downtown decision, capital return & buyback
FSF - Fonterra lifts forecast 2026/27 Farmgate Milk Price