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Challenger International Jumps The Tasman

Challenger International Jumps The Tasman

MEDIACOM-RELEASE-CHALLENGER-INTERNATIONA

CHALLENGER INTERNATIONAL JUMPS THE TASMAN TO SHAKEUP NEW ZEALAND'S SAVINGS AND INVESTMENT MARKETS

Challenger International Group, the leading Australian-based fund manager, has jumped the Tasman to make itself a major player in New Zealand's savings and investment markets.

The company has acquired the operations of Coronet Asset Management and has as its chief executive and executive director, John Rowley, who in his 18-year career in the investment sector, has been managing partner of SBC Warburg and an executive director with the ANZ Bank's Investment Banking division.

Challenger's New Zealand management team also includes Coronet's principals, John Phipps and James Ring, who jointly established Coronet in 1994.

John Rowley says Challenger aims to bring new levels of product innovation into the New Zealand market and to build on the solid reputation Challenger has gained since it was founded in Australia in 1987.

"Challenger has made a total commitment to bringing New Zealanders new savings vehicles and to having a long-term presence within New Zealand."

Challenger is currently one of the top 150 listed companies in Australia and in both 1997 and 1999 it received the "best new product launched" award from the Australian Banking and Finance NewsMagazine.

John Rowley says Challenger intends to add a new dimension to the New Zealand savings and investment sector by bringing together Coronet's local investment expertise and the Australian and global expertise of the Challenger group.

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"We are a New Zealand operation with Australian backing.

"We see ourselves as giving the local investment and savings market something of shake-up through innovative savings and investment products which are easy to access and perform well for investors.

"We are targeting both the retail and wholesale investment markets and have set some aggressive targets in terms of the level of funds under management we expect to receive."

He says Challenger intends to stand out in the savings and investment market by offering innovative products that are backed by investment performance.

"We intend to bring a new dimension to New Zealand's savings and investment industry and will be promoting our savings and investment vehicles in ways that reflect the innovation and thought that is behind their development."

Challenger International is currently capitalised at more than $1.2 billion and it has funds under management of more than $4.5 billion.

MEDIA RELEASE FROM CHALLENGER INTERNATIONAL

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