[Australia] Cuffe to leave for poverty challenge

from The Age

High profile investment manager Chris Cuffe is set to leave Challenger Financial Services Group Ltd to help fight poverty through microfinance projects in Asia and Africa.

Mr Cuffe currently heads the Packer-backed group's wealth management business, having previously been chief executive of Challenger until June 2004.

But Mr Cuffe plans to leave the world of funds management and high finance to help Opportunity International Australia in providing micro enterprise development and training in developing countries.

Challenger, backed by the late Kerry Packer family's investment trust CPH Management, said in a statement that Mr Cuffe would stand down at the end of June, though this would not be the end of his association with the group.

"Mr Cuffe will continue his employment with Challenger on a part time basis, providing strategic input to the development of both Challenger's funds management business and financial planning business, Genesys Wealth Advisers," the company said.

Before his involvement with Challenger, Mr Cuffe was the head of investment group Colonial First State which was taken over by the Commonwealth Bank of Australia in 2000, leaving with a controversial multi-million payout in early 2003.

Challenger also announced a number of other executive changes in moves it said would prepare it for its next phase of growth.

The current executive general manager of capital risk and strategy, Dominic Stevens, will take up the new role of deputy managing director.

Chief financial officer for Challenger's retirement income and funds management business, Paul Rogan, will become group chief financial officer in mid March, following the departure of incumbent Tim Foster, who is joining HBOS Australia.

And Lynn Anderson, who currently heads marketing for the wealth management business, will take up the new role of executive general manager of group marketing and communications.

Challenger chief executive Mike Tilley said the group had been undergoing rapid change, acquiring a mortgage business, reconfiguring its retirement income arm, developing an asset origination capability and starting up a wealth management business.

"As a consequence of this growth, responsibilities across the executive team have needed to broaden and it is now timely to introduce a number of changes that will enable Challenger to continue to innovate, while still remaining disciplined in managing our growth," he said.

"This will be the key in ensuring we are well positioned for the next phase of our development."

Challenger shares closed down six cents at $3.88 on Monday.