Thefounder and former managing director ofChallenger InternationalBill Ireland has re-emerged in the industry after being appointed managing director of Australian Assets Corporation (AAC).
Ireland joins AAC a month after his departure from Challenger. He will be responsible for spearheading the group’s ambitious new growth plans into investment banking and financial services.
Ireland will take a 55 per cent stake in the group. Initially, he will oversee a name change to Mariner Financial and conduct a capital raising later this year.
Ireland, whose departure from Challenger had been flagged earlier in the year following Chris Cuffe’s appointment to the role of acting managing director, says the capital it aims to raise will aid expansion and help the group increase its holding in media and entertainment company Beyond Online from around 27 per cent to 51 per cent.
The group then plans to change its name to Mariner Retirement Solutions and redirect its activities to develop products aimed at providing retirement solutions to investors.
Ireland says Mariner will aim to create strong brand recognition as a specialist in the retirement income market and in funds management through financial partnerships.
AAC was listed on theASXin 1986. The group’s proposed changes and the capital raising are subject to shareholder approval at an extraordinary general meeting.
