Challenger now managing $54.2 billion – grows FUM by 7% over the September quarter

Challenger Limited (ASX:CGF) has announced to the ASX its assets and funds under management numbers for the quarter ending 30 September 2014 (Q115).

Highlights:
– Total group assets and funds under management rose by $3.5 billion or 7% to reach $54.2 billion as at 30 September 2014
– The Funds Management division’s funds under management rose by $5.5 billion or 12% to reach $52.6 billion as at 30 September 2014
– Challenger life’s annuity sales rose by 8% over the prior corresponding period to reach $788 million

Lifetime annuity sales increased by $42 million or 35% to hit $161 million for the quarter, and comprised 23% of all retail annuity sales, up from 22% in FY14
– FY15 retail annuity net book growth target of 12%-14% confirmed
– FY15 Life cash operating earnings guidance of $535 million – $545 million confirmed

Challenger announces a strategic partnership with Colonial First State (CFS) to make its fixed term and lifetime annuities available on CFS’ FirstChoice and FirstWrap platforms by 1 June 2015