He replaces Ben Heap, who recently resigned as managing director of UBS Global Asset Management (Australia) to take on the role of chief executive of Australasian Wealth Investments.
Mr Benari’s financial services experience includes executive roles with JP Morgan, Bankers Trust and Macquarie Bank. He joined Challenger in 2003, the FSC said.
He was founding chief executive of Challenger’s Mortgage Management division, which grew to become one of Australia’s largest non-bank mortgage lenders.
In 2008, Mr Benari became Challenger’s first joint group chief financial officer and group chief operating officer, with oversight of the company’s treasury, finance, legal, tax, compliance, information technology, investor and government relations functions.
He was appointed managing director and chief executive officer in February 2012.
“Brian’s experience across a broad spectrum of institutional and retail financial services is welcomed by the FSC board,” said FSC chair Greg Cooper. “This will be particularly important when the financial services industry undergoes its review under the new government.”
In addition to Mr Cooperas chair, the FSC board includes deputy chairs Craig Meller, managing director, AMP Financial Services Limited, and Brad Cooper, chief executive of BT Financial Group.
The remaining board members are Australian Unity Investments CEO and CIO David Bryant; Equity Trustees managing director Robin Burns; Andrew Hagger, group executive, NAB Wealth and CEO of MLC Limited; John James, managing director and chairman of Vanguard investments; Brett Jollie, managing director, Aberdeen Asset Management Australia Limited; Marc Lieberman, CEO, Metlife Australia; Geoff Lloyd, CEO and managing director, Perpetual Limited; Annabel Spring, group executive, Wealth Management, CBA; Geoff Summerhayes, CEO of Suncorp Life; and Maria Wilton, managing director, Franklin Templeton Investments Australia.
