Challenger closes door on NZ operations
ChallengerInternationalwill close its New Zealand retail funds management operations, following a review of the manager’s position in the market.
The decision, made by the board and to take effect on June 30, is consistent with Challenger’s stated view of focusing on its core operations within Australia.
Challenger is yet to decide on the best outcome for investors in the retail trusts offered exclusively to New Zealand investors, including the Challenger Coronet Equity Trust and the Trans Tasman Investment Trust.
Challenger says that a final decision on how to deal with these investors is expected within the next few weeks, with details to be provided to investors and advisers.
As part of the move, Challenger will also cease managing wholesale monies invested in its New Zealand domiciled wholesale trusts.
Challenger says that it remains committed to the provision of investment management services to New Zealand-based institutional clients, using Australian domiciled wholesale funds and mandates promoted and serviced from Australia.
The decision was made following an extensive review by the new management of Challenger.
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