Challenger to roll out new product
Challenger Financial Services has signalled that its new Lifetime Annuity product will be launched in the next few months, as the company moves to take advantage of the environment created by the Henry Tax Review recommendations.
In an address to the UBS Australian Financial Services Conference, Challenger group chief operating officer Brian Benari said the company expected to launch the new product in the next quarter, before September, in circumstances where the Henry Review had generated positive impacts.
He said the review had been positive in providing further stimulus to the longevity market — something that was particularly likely to be the case if impediments to the deferred annuity market were removed.
At the same time as flagging product roll-outs, Benari said the company expected total sales of guaranteed products to be around $2.15 billion for financial year 2010, with boutique funds under management having grown to $4.5 billion to the end of March with another $2.2 billion expected to flow from the boutique partnerships with Merlon Capital Partners and Bentham Asset Management.
AUTHOR
Mike Taylor
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