Challenger Financial Services Group has reported a significant upturn in inflows.
The company has announced to the Australian Securities Exchange today that as at 30 September its assets and funds under management (AUM) totalled $25.5 billion — an increase of 18 per cent over the prior corresponding period.
It said that AUM was also up 7 per cent over the previous quarter, primarily reflecting strong boutique inflows.
The ASX announcement said the September quarter had represented a record period for Challenger Life retail sales, with total life sales of $362 million including $19 million of institutional sales.
The company said boutique funds under management (FUM) increased by 70 per cent or $5 billion during the quarter resulting in total boutique FUM of $12 billion as at 30 September.
It said the $5 billion increase included $1.5 billion of new net inflows and $3.1 billion from conversion of Challenger’s Australian Equities and Real Estate Securities funds.
