Tep specialist Neville James is to expand its investment operations with
two new funds and a rebrand of its existing funds under the Challenger name.
The move comes in preparation for the launch of parent company
Challenger's UK life company, scheduled for the first quarter of next year.
The Australian financial services group bought Neville James in April for
The funds to launch in autumn are a corporate bond fund and a guaranteed
equity-linked fund. They will be part of a new Challenger onshore Oeic.
Neville James currently has three funds, which are all based in the Isle
of Man. The firm is applying for FSA recognition on its zero dividend
preference share fund, which will enable it to promote it directly to the
Its investment operations will all be rebranded under the Challenger name
but the Neville James brand will remain for Tep business.
As part of the restructure, the firm has taken on seven new recruits for
its salesforce in a bid to crack the IFA market. The team of 10 will be
headed by Challenger national sales manager Tim Hines.
Challenger managing director John Heller says: “Challenger has enabled us
to expand at a faster rate than would have been possible before. With the
new structure and resources behind us, we can only go from strength to