Adler was appointed Chief Executive by the board of FAI after the death of his father in November 1988, at a time when the company was struggling with a number of loan exposures to troubled companies such as Bond Corp and Ariadne in the wake of the October 1987 stock market crash. FAI had largely stabilised by the time the company became the subject of a takeover bid from HIH in September 1998. HIH had done no due diligence on FAI, but bid nevertheless. Total acquisition cost was A$280 million in cash and HIH shares. HIH subsequently sold assets out of FAI including its life insurance company, the St Moritz Hotel in New York and shares in the telecommunications company One.Tel to raise about A$450 million.