Sydney-based Challenger Financial Services Group, manager of the Challenger Infrastructure Fund, has appointed Paul Rogan as executive general manager, capital risk and strategy. He is currently the group chief financial officer, a role that will be filled by Brain Benari, who is currently chief executive of mortgage management at Challenger.
Drew Hall will in turn replace Benari. Hall is currently the CFO and chief operating officer for the mortgage management division.
The senior-level staff changes follow similar moves by Australian specialist fund manager Babcock & Brown, which in August announced the resignation of Phil Green as chief executive officer and, more recently, the resignation of co-founder and former chairman Jim Babcock from the firm's board of directors.
Challenger said it will also consolidate its funds management activities, merging its asset management unit’s specialised funds component with its funds management arm. Rob Wood and Rob Adams will co-head the funds management business.
The new appointments and structure are aimed at making the business more efficient and ensuring that emphasis is placed on developing growth opportunities, Dominic Stevens, chief executive officer, said in a statement.
In September 2007, Stevens was appointed chief executive officer and managing director of the firm. He was previously the deputy managing director.
In June, Challenger and Japanese conglomerate Mitsui, launched a $1.2 billion private equity infrastructure fund. The Emerging Markets Infrastructure Fund will seek investment opportunities in sectors such as power generation, electricity, gas transportation and railways.