Challenger restructures reporting lines
Challenger Financial Services has restructured its corporate reporting system to reflect the activities of its funds management and financial planning businesses (including Synergy) individually.
Separation of the two businesses, which were previously reported under Challenger Wealth Management, means Challenger will now report its financial performance along four lines instead of three.
The four new reporting lines are Mortgage Management, Funds Management, Asset Management and Financial Planning, each with their own P&L.
Challenger Wholesale Finance has been renamed Mortgage Management under the new structure, and Challenger Life as Asset Management.
A Challenger spokesperson said the restructure will “enhance transparency by recognising the management changes and underlying performance drivers of the respective businesses”.
“It will provide for a more detailed analysis of the key drivers and financial performance of each division, and also further clarify the contribution of fee-based revenue as it continues to grow in proportion to total revenue.”
Greater emphasis under the new structure will be provided on ‘half on half’ reporting and the development of trends in key financial outputs and ratios, according to the spokesperson.
“The historical data provides a consistent footing from which to view it against the past, and compare it to in the future.”
New terminology has also been adopted for a “higher degree of consistency” across each division, with a detailed glossary provided.
Recommended for you
Insignia Financial intends to be the leading wealth manager by 2030 as it moves away from acquisitions to achieve $200 million in cost savings per annum over the next five years.
Count chief executive Hugh Humphrey is keen for the firm to be a leader in the new world of advice as the industry generates valuable businesses post-Hayne royal commission.
Four individuals, including three senior staff from Canaccord Genuity, have collaborated to launch their own Western Australian wealth management firm.
Thematic ETFs are beginning to gain ground among advisers seeking to enhance portfolio diversification and tap into specific growth themes, according to leading ETF providers.
