Challenger launches new product
|
|
Annuities specialist Challenger has launched a new product into the market specifically aimed at the platform market.
The company announced today that it had launched the Challenger Guaranteed Income Fund, which it said would invest in annuities issued by Challenger Life, with the product being offered on the BT Wrap.
Commenting on the new offering, Challenger Life chief executive, Richard Howes, referred to recent OECD research suggesting Australians should invest more of their superannuation in annuities to reduce portfolio risk.
He said the new Guaranteed Income Fund was aimed at providing an appropriate product to meet that market need.
The Challenger product will provide unit holders with set monthly distributions, and a return of capital at maturity.
Commenting on the product's placement on the BT Wrap platform, the head of BT Wrap, Chris Freeman, said it reflected increasing demand from advisers for retirement product solutions that catered for both market and longevity risk.
AUTHOR
Mike Taylor
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
