Challenger positions for platform move

ChallengerFinancial Servicesis investigating a move back into the platform market after the appointment of David Coyne as head of platform development.

Coyne was previously withMLCand was involved in the rollout of its flagship platform product MasterKey. Challenger distribution and service strategy general manager Rob Adams says his role will be to identify platform opportunities for the group.

According to Adams, “part of the role will be to ensure we are in the space if need be” as part of a larger review covering the place of multi-manager product offerings in the business.

Last month, Challenger appointed the former head of retail atJBWere, Jim McKay, to head up the Synergy Capital Management master trust, after it had been split away from the Garrisons dealer group, also owned by Challenger, in June this year.

This was followed by last week’s appointment of former head ofAssirt, Caroline Saunders, as head of manager research and alliances. That role will cover external funds management relationships, particularly in the area of multi-manager products, and will also involve the development of Challenger’s own multi-manager platform offerings.

Adams says the group has been considering the multi-manager product markets and will be taking a close look at a number of options in that space, including platforms.

As part of these moves, Challenger will be promoting Synergy outside the group, with Adams saying it was being examined to improve the value offering to financial advisers, as well as improving the profit on the platform.

He also says work is being carried out on the wrap inside the platform, Galaxy, in an effort to promote it further in the adviser market.