Strong AUM growth for Challenger
Challenger’s assets under management grew by more than a fifth over the past 12 months to $27 billion at 31 March 2011, boosted by strong boutique inflows and retail life sales, the group has announced.
Retail life sales for the previous quarter of $740 million were more than double the previous corresponding period, and incorporated the impact of the conversion of the High Yield Fund in February 2011, Challenger stated.
Institutional life sales of $31 million brought total life sales to $771 million for the quarter, while total life AUM was up 24 per cent for the past 12 months to $8.3 billion.
Boutique funds under management increased by $1.1 billion to for the quarter to $13.8 billion due to both inflows and market performance, Challenger stated.
Net funds management flows of $85 million for the quarter were negatively impacted by the High Yield Fund conversion but inflows across other funds was strong.
“We have seen a continuation of trends across our business with strong flows to our boutique partnerships and record life sales,” Challenger chief executive Dominic Stevens said.
The group remains on track to meet its financial year retail life sales guidance, which has been upgraded to in excess of $1.8 billion following the conversion of the High Yield Fund, he said.
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