High profile industry figure Heino Ling has joined Challenger International as strategic development manager.
Ling made the move across to Challenger from St George Bank where has was involved with the integration of KPMG Financial Services into St George Private Bank.
He is also well known through the industry for developing one of Australia’s first master trusts, One Source, while at Godfrey Pembroke in 1997.
However Ling says he will not be involved with product development but will be looking at the strategic direction of both Challenger and its financial planning subsidiary Garrisons in tandem. Ling says this will involve bedding down other recent acquisitions.
“My task will be to use the leverage present in the new acquisitions to create synergies between the Challenger and Garrisons businesses,” Ling says.
Ling says Garrisons is driving for a greater national presence on top of its current crop of 55 offices. He says it hopes to grow particularly in Western and South Australia were its presence is light.
“We want to consolidate to get a solid national presence, whether that is through purchases or franchise arrangements,” Ling says.
“We are looking for suitable businesses and if they are good we will take as many as we can feasibly deal with. We have the financial backing to do so.”
Ling says he will also be working with Garrison’s wrap account arm, Synergy, in the rollout of its new master trust Galaxy.
The product will offer access to US managed funds. Ling says alliances are being put in place which will allow exposure to multiple managers for investors.
It will also be available to planners outside the Garrisons network unlike the Synergy product which has been restricted to that network.
