Challenger FUM rises thanks to Fidante
Challenger has grown its group assets and funds under management (FUM) by 21 per cent in the last year, it announced this morning.
Propped up by retail annuity sales, which grew 35 per cent on the previous corresponding period to $478 million, Challenger was able to offset its traditionally quiet sales season with total assets and FUM growth of 1 per cent over the quarter.
Its fund management FUM grew 2 per cent over the quarter to $45.7 billion, bolstered by $0.5 billion of net flows into Fidante Partners.
However, Challenger Investment Partners was down $0.3 billion, a 3 per cent drop for the quarter, attributed to a lower proportion of fixed income managed after the maturity of the High Yield Fund annuity.
Challenger Life annuities for the March quarter were up 29 per cent on the previous corresponding period, at $496 million.
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