Sharechat Logo

Challenge too far

By Chris Hutching

Friday 6th June 2003

Text too small?
After a decade in this country, Challenger International Group based in Auckland is following the lead of many other Australian fund managers and is closing its offices here.

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.

  General Finance Advertising    

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.

Related News:

MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite

IRG See IRG research reports