Mariner set for sail under Ireland

FormerChallengerchief executive Bill Ireland has marked his return to the industry with a series of changes at his new venture, Australian Assets Corporation, proposing new strategic partnerships, the roll out of new products, as well as a name change.

Last month, Ireland became the managing director of the relatively new player in the financial services sector, which is hammering out a deal with international investment bank Babcock & Brown and superannuation fund providerIndustry Fund Services(IFS).

If the deals are successful, Babcock & Brown will be involved in the financial structuring of investment assets while IFS will distribute the group’s product through its superannuation fund member connection.

Both Babcock & Brown and IFS may take equity in the group, which is set to be renamed and operate under two banners — Mariner Financial and Mariner Retirement Solutions.

Shareholders will vote later this month on proposals to change the current names of Australian Assets Corporation to Mariner Financial and that of listed subsidiary company Beyond Online to Mariner Retirement Solutions, with a reconstitution of both Mariner Financial and Mariner Retirement Solutions’ boards set to reflect these changes.

Mariner Financial has been flagged as the core brand, primarily distributing a range of financial products while also working on branding and marketing, educational and technical support, and a distribution capability to Mariner Retirement Solutions.

Meanwhile, Mariner Retirement Solutions will develop and supply retirement income products, which the group says will be supported by the income from investment assets with long-term cash flow streams, including property.

The group will also roll out a number of products for retirees over the next year, and may also apply for a life insurance licence.