Fiducian signs up Challenger to offer annuities
Listed financial services groupFiducian Portfolio Serviceshas finalised an agreement withChallengerto launch complying annuities products to its network of financial advisers.
Under the arrangement, Fiducian will co-brand Challenger’s existing annuities products and promote them directly to its financial planners.
The new arrangement is the latest in a series of agreements with other financial institutions for Fiducian.
The group has recently set up an alliance withPermanent Trusteesto launch a cash management trust and an agreement withBarclaysto offer two new fixed interest funds.
Fiducian managing director Indy Singh says the latest agreement was finalised after a lengthy examination of Challenger’s annuities products, including the products’ underlying assets, valuation processes and crediting policies.
“Fund managers find it very difficult to get on to our product lists because we are one of the few groups who do our own research before offering an external product to our clients,” Singh says.
The alliance with Fiducian comes as Challenger prepares to boost the sale of its annuity products offshore.
Last week, Challenger was granted a life office insurance licence in the UK, allowing it to roll out a compulsory purchase annuity in the UK market.
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