Challenger (company)

Challenger Limited
Company typePublic
IndustryFinancial services
Founded1985; 39 years ago (1985)
Founders
  • Bill Ireland
Headquarters
Sydney, New South Wales
,
Australia
Key people
  • Duncan West (Chairman)
  • Nick Hamilton (CEO)
Products
Decrease A$189.5 million (FY 2024)
AUMA$127 billion (June 2024)
Total assetsIncrease A$33.41 billion (FY 2024)
Total equityDecrease A$3.89 billion (FY 2024)
Number of employees
676 (2024)
Websitechallenger.com.au
Footnotes / references
[1]

Challenger Limited (Challenger) is an Australian investment management company. It is publicly traded on the Australian Securities Exchange and is a constituent member of the S&P/ASX 200 and S&P/ASX 300 indices. It is largest provider of annuities in Australia.

Background

Challenger was founded in 1985 by Bill Ireland who was previously a stockbroker and an art gallery owner. Originally, Challenger was established as a hotel management business.[2][3][4]

Challenger held its initial public offering on the Australian Securities Exchange 10 days before Black Monday in 1987. Afterwards Ireland changed the direction of the company to focus on financial services.[3][4]

In 1998, Kerry Packer and his son James Packer became investors of Challenger by acquiring a significant stake in the company through Consolidated Press Holdings. This helped fund Challenger's move into the annuities business as well as other investment management fields.[2][3][4]

In 2002, Challenger acquired Credit Suisse First Boston's private-client broking business.[4]

In 2003, Challenger merged with Packer's CPH Investment Corp to form a company worth A$1 billion. Ireland would eventually leave Challenger in the same year.[3][5]

In 2009, Packer's Consolidated Press Holdings sold all of its ownership in Challenger which ended ties between the two.[2]

In early 2021, Challenger acquired a banking unit named MyLife MyFinance from superannuation fund Catholic Super.[6] In May 2024, the unit renamed to Challenger bank was sold to Heartland Bank.[7]

In July 2021, Apollo Global Management via its insurance affiliate Athene acquired an 18% equity stake in Challenger. In September 2024, Apollo sold half of its stake in Challenger.[8]

In October 2023, Challenger signed its first sponsorship deal in Australian sports where it would sponsor the PGA Tour of Australasia.[9]

References

  1. ^ "2024 Annual Report" (PDF). Challenger.
  2. ^ a b c Drummond, Matthew (7 September 2009). "Challenger says goodbye to 11 years of Packer ties". Australian Financial Review. Archived from the original on 1 December 2024. Retrieved 24 November 2024.
  3. ^ a b c d Schmidt, Lucinda (1 November 2006). "Profile: Bill Ireland". The Sydney Morning Herald. Retrieved 24 November 2024.
  4. ^ a b c d "Challenger meets all comers". The Age. 25 May 2002. Archived from the original on 1 December 2024. Retrieved 24 November 2024.
  5. ^ "Packers pounce on Challenger". The Age. 21 January 2003. Retrieved 24 November 2024.
  6. ^ Roddan, Michael (21 February 2021). "Challenger holds faith with Catholic bank". Australian Financial Review. Archived from the original on 14 May 2023. Retrieved 24 November 2024.
  7. ^ Penny, Jessica (30 April 2024). "Challenger completes banking arm sale to Heartland Group". www.investordaily.com.au. Archived from the original on 1 December 2024. Retrieved 24 November 2024.
  8. ^ Thompson, Sarah (4 September 2024). "Apollo selling $460m stake in Challenger; GS, Jarden on trade". Australian Financial Review. Archived from the original on 7 September 2024. Retrieved 24 November 2024.
  9. ^ Stensholt, John (4 October 2023). "Challenger picks golf for first sport sponsorship deal in Australia". The Australian.