Challenger Financial Services Group (Challenger) has announced it will consolidate its funds management businesses in a bid for greater efficiency, while also spinning out the life component of the asset management business to create a new dedicated life division.

The group will merge the specialised funds component of its asset management business with the broader funds management division, with Rob Woods and Rob Adams to co-head the new funds management business. Each will take the lead on specific functional areas within the division, the group’s statement to the Australian Securities Exchange said.

Meanwhile, the Australian Prudential Regulatory Authority (APRA) regulated life company component of the asset management business will be spun off to become its own dedicated division, with Richard Howes appointed to the role of chief executive, life.

The group has also announced a number of other internal role changes. Current group chief financial officer Paul Rogan will now move to the role of executive general manager, capital risk and strategy. This was previously part of new chief executive officer Dominic Stevens’ role.

The role of chief financial officer will now be expanded to encompass group chief operating officer responsibilities. Brian Benari, who is currently chief executive of mortgage management, will now take on this role. Stepping into Benari’s role will be Drew Hall, who is currently the chief financial officer and chief operating officer for the mortgage management division.