Challenger funds sold to Select
The purchase of Challenger Funds Management (CFM) by Select Managed Funds has landed the company with 2,500 extra members and about $160 million in invested funds.
CFM is the trustee of the Challenger SuperOptions Fund and a number of Challenger Pooled Superannuation Trusts, which are to be transferred into Select’s superannuation products.
Select managing director Chris Kelaher said the transaction made sense considering master trusts were Select’s business.
A Challenger Wealth Management spokesperson said the business was sold because it was non-core to the future growth of Challenger’s business.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
