The purchase of Challenger Funds Management (CFM) by Select Managed Funds has landed the company with 2,500 extra members and about $160 million in invested funds.
CFM is the trustee of the Challenger SuperOptions Fund and a number of Challenger Pooled Superannuation Trusts, which are to be transferred into Select’s superannuation products.
Select managing director Chris Kelaher said the transaction made sense considering master trusts were Select’s business.
A Challenger Wealth Management spokesperson said the business was sold because it was non-core to the future growth of Challenger’s business.
