Sharechat Logo

Challenger expects lift in assets under management

By NZPA

Thursday 28th November 2002

Text too small?
Challenger International Ltd said today it expected a 25 percent increase to approximately $A13 billion ($NZ14.8 billion) in assets under management for 2002/03.

Chairman Gil Hoskins told shareholders at the annual general meeting that the company expects to write $A1.0 billion in annuities in the year.

Mr Hoskins said the board was assessing all current operations with a view to increasing the focus on the company's two major business lines -- funds management and annuities.

He said a cost review will aim to achieve a $A20 million reduction from the operating budget over the 2003 calendar year, mainly from peripheral activities and distribution networks.

Specific areas to be impacted include the company's UK and New Zealand operations.

"Following a four month -- and ongoing -- internal review, we are making pro-active decisions to improve our profit outlook while making our business more transparent and easier for investors to understand," he said.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

GEN - Completion of Purchase of Premium Funding Business
Fletcher Building Announces Executive Appointment
WCO - Director independence determination
AIA - welcomes Ngahuia Leighton as 'Future Director'
Mercury announces Executive team changes
Fonterra launches Retail Bond Offer
October 29th Morning Report
BIF adds Zincovery to its investment portfolio
General Capital Resignation of Director
General Capital subsidiary General Finance update