Challenger engineers turnaround

Challenger Financial Services signalled a sharp change of fortunes, turning a $202 million loss last year into a $111 million profit. The wealth management business became profitable in January, a year ahead of schedule. The mortgages and annuities businesses met the 18 per cent return on net asset targets that Challenger had set for its businesses to reach by 2007. Challenger said that wealth management was also on course to hit its target.