Ling on front foot at Challenger
High profile industry figure Heino Ling has joined Challenger International as a strategic development manager.
Ling made the move across to Challenger from St George Bank, where has was involved with the integration of KPMG Financial Services into St George Private Bank. He is also well known through the industry for developing one of Australia's first master trusts, OneSource, while at Godfrey Pembroke in 1997.
Ling says he will not be involved with product development but will be looking at the strategic direction of both Challenger and its financial planning subsidiary, Garrisons. He will also work towards bedding down other recent acquisitions.
"My task will be to use the leverage present in the new acquisitions to create synergies between the Challenger and Garrisons businesses," Ling says.
Garrisons is driving for a greater national presence on top of its current crop of 55 offices. Ling says it hopes to grow particularly in Western and South Australia, where its presence is light.
"We want to consolidate to get a solid national presence, whether that is through purchases or franchise arrangements," Ling says.
"We are looking for suitable businesses and if they are good, we will take as many as we can feasibly deal with. We have the financial backing to do so."
Ling says he will also be working with Garrison's wrap account arm, Synergy, and the rollout of Challenger's new master trust, Galaxy.
Galaxy will offer access to US managed funds. Alliances are being formed which will allow exposure to multiple managers. It will also be available to planners outside the Garrisons network, unlike the Synergy product which has been restricted to that network.
Meanwhile, Challenger predicts it will reap an extra 25 per cent in net profit for the year, as it announced plans to beef up its superannuation division.
Chairman Bill Ireland told the group's annual general meeting Challenger would slow the pace of acquisitions this year after its recent buying spree, which included financial services company Deutsche Life.
Ireland says the group is still keen to expand into the UK market, where it set up an office in London late last year. The group was focusing on potential acquisitions of small life companies and financial services groups, and had recently been in talks with a handful of potential targets.
AUTHOR
Jason Spits
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