Challenger, the Australian retirement and wealth management firm, has launched a new advice services division.

Challenger, the Australian retirement and wealth management firm, has launched a new advice services division.

The new unit will be led by John Carnevale, who previously served as head of the Institute of Advice at Colonial First State. Joining Carnevale are Andrew Biviano as technical services manager and Minh Ly and Esabel Thinnakone as analysts. Natalie Bouquet, technical services manager, has been promoted to head of technical services, while Sean Howard, also previously the technical services manager, has been named senior technical services manager. 

In an effort to boost its talent, Challenger is also expanding its education offerings to include a university-level educational initiative focussed on developing new financial advisors. 

Challenger saw its total assets and funds under management rise 31 per cent in the 12 months to 30 September 2013 to A$46 billion, according to a statement on the Australian Stock Exchange. It is one of Australia's largest annuities providers and investment managers.