Challenger grows life and funds management businesses
Over the 12 months to 30 September, Challenger's funds management business has grown its total funds under management (FUM) by 27 per cent to $32.6 billion.
As a result of less volatile investment market conditions and positive inflows from Challenger's boutique funds management business Fidante Partners, FUM net flows were $438 million (up 5 per cent from the preceding quarter) for the September quarter, according to Challenger's latest quarterly market report.
Fidante Partners posted $20.9 billion in FUM, an increase of 46 per cent (from $14.3 billion) over the past year and 9 per cent over the quarter.
Aligned investments - including the Challenger Infrastructure Fund and Diversified Property Group - fell slightly to $11.7 billion, with net outflows of $195 million "due principally to a reduction in institutional infrastructure mandates", according to Challenger.
Total assets and funds under management (AUM) for Challenger Life grew by 16 per cent over the year and 4 per cent over the quarter to $10.2 billion.
Annuity sales for life ($558 million) were comprised mostly of $481 million of retail sales and $77 million of institutional products.
"We're fortunate to be growing both our life and funds management businesses and can confirm that we're on track to meet both our 2013 retail annuity sales growth target of 15 per cent, or $2.25 billion, as well as net book growth of 10 per cent," Challenger chief executive Brian Benari said.
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