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CHALLENGER LIMITED — Capital/Financing Update 2011
Oct 20, 2011
64641_rns_2011-10-20_a70a7e6d-da6a-4670-bfec-8d197cea3934.pdf
Capital/Financing Update
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MARKET RELEASE
PROFORMA AUM TEMPLATE – ADDITIONAL INFORMATION
21 Octo b er 2011, S y dney – Ch a llenger Li m ited (ASX: C GF) relea s ed a templ a te for its A s sets and Funds U nder Mana g ement (AUM) on 19 O ctober disclosing histo r ical inform a tion for FY 2 011 and FY2010 presented on a six m o nthly basi s . The new format pro v ided a br e akdown of historical informat i on for Fun d s Manage m ent’s two key earnin g s drivers being Boutique Partner s hips and Aligned & Other Inv e stments.
In respo n se to a nu m ber of su b sequent re q uests for t h is historical informatio n to be provided on a more gr a nular basis, we have now present e d the infor m ation by q u arter for F Y 2011 and F Y2010. It should b e noted th a t the Fund s Managem e nt net flo w historical i n formation f or the six m onths to 31 Dec e mber 2010 and 31 D e cember 2 0 09 include d in the te m plate on 1 9 October c ontained classific a tion errors. These errors have no w been corr e cted in the revised atta c hed templ a tes.
Ends
Further enq u iry: Suzanne Ev a ns, Head of Inve s tor Relations, C h allenger Limited. 02 9994 7125 Stuart Barto n , Head of Marke t ing & Communic a tions, Challenge r Limited. 02 99944 7008
Challeng e r Limited A.B.N 85 106 842 371
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Assets and Funds Under Management
Re-alignment of prior period balances – Quarterly FY11
| 30 Jun 11 | 31 Mar 11 | 31 Dec 10 | 30 Sep 10 | ||
|---|---|---|---|---|---|
| $m | $m | $m | $m | ||
| Total Assets and Funds Under Management | 27,909 | 27,025 | 25,771 | 25,511 | |
| Represented by: | |||||
| Funds Management | |||||
| Boutique Partnerships (a) | |||||
| Equities | 7,211 | 6,919 | 6,745 | 6,477 | |
| Fixed income | 7,637 | 6,857 | 5,953 | 5,523 | |
| Total Boutique funds | 14,848 | 13,776 | 12,698 | 12,000 | |
| Aligned and Other (b) | |||||
| Infrastructure | |||||
| Institutional mandates | 1,001 | 875 | 862 | 900 | |
| Challenger Infrastructure Fund (ASX:CIF) | |||||
| (adjusted equity value) | 311 | 368 | 371 | 385 | |
| Property | |||||
| Institutional mandates | 1,721 | 1,742 | 1,497 | 1,489 | |
| Challenger Diversifed Property Group (ASX:CDI) | |||||
| (gross assets) | 874 | 871 | 781 | 792 | |
| Challenger Wine Trust (ASX:CWT) (gross assets) | – | – | 212 | 230 | |
| Challenger Kenedix Property Trust (ASX:CKT) (gross assets) | – |
– | – | – | |
| Australian equities | – | – | – | – | |
| Real estate securities | – | – | – | – | |
| Fixed income(c) | 4,853 | 4,894 | 5,443 | 6,048 | |
| Total Aligned and Other funds | 8,760 | 8,750 | 9,166 | 9,844 | |
| Total funds under management | 23,608 | 22,526 | 21,864 | 21,844 | |
| Comprising: | |||||
| Retail | 4,379 | 4,666 | 4,880 | 5,846 | |
| Institutional | 18,044 | 16,621 | 15,620 | 14,591 | |
| Listed funds | 1,185 | 1,239 | 1,364 | 1,407 | |
| Total funds under management | 23,608 | 22,526 | 21,864 | 21,844 | |
| (a)Boutique Partnerships are co-owned, separately branded and licensed businesses from which Challenger receives dividends, distribution fees and administration fees. | |||||
| (b)Aligned and Other includes asset classes where Challenger Life may be a signifcant investor and that are typically Challenger owned and branded. | |||||
| (c)Fixed income includes mortgages. | . | ||||
| Life | |||||
| Fixed income and cash | 6,114 | 6,025 | 5,431 | 5,176 | |
| Property(d) | 1,535 | 1,519 | 1,497 | 1,489 | |
| Infrastructure | 479 | 480 | 465 | 479 | |
| Equity and other | 259 | 237 | 237 | 239 | |
| Total Life investment assets | 8,387 | 8,261 | 7,630 | 7,383 |
(d) Property is reported net of senior debt of (June 2011 $660m; March 2011 $663m; December 2010 $684m; September 2010 $719m). Property includes direct and indirect holdings. .
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| Analysis of Flows | |||||
|---|---|---|---|---|---|
| Funds Management | |||||
| Net fows for the quarter: | 30 Jun 11 | 31 | Mar 11 | 31 Dec 10 | 30 Sep 10 |
| $m | $m | $m | $m | ||
| Boutique Partnerships | 1,309 | 585 | 367 | 1,479 | |
| Aligned and Other | (70) | (500) | (675) | (98) | |
| Net fows | 1,239 | 85 | (308) | 1,381 | |
| Retail | (187) | (428) | (1,009) | (715) | |
| Institutional | 1,426 | 513 | 701 | 2,096 | |
| Net fows | 1,239 | 85 | (308) | 1,381 | |
| Reconciliation of Total Group Assets and Funds Under Management | |||||
| 30 Jun 11 | 31 | Mar 11 | 31 Dec 10 | 30 Sep 10 | |
| $m | $m | $m | $m | ||
| Funds under management | 23,608 | 22,526 | 21,864 | 21,844 | |
| Life investment assets | 8,387 | 8,261 | 7,630 | 7,383 | |
| Adjustments to remove double counting | |||||
| of cross holdings: | |||||
| Life Company investment in CDI and CIF | (435) | (441) | (454) | (446) | |
| Life Company investment in infrastructure, property and fxed income mandates(c) |
(3,651) | (3,321) | (3,269) | (3,270) | |
| Total Assets and Funds Under Management | 27,909 | 27,025 | 25,771 | 25,511 |
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Assets and Funds Under Management
Re-alignment of prior period balances – Quarterly FY10
| 30 Jun 10 | 31 Mar 10 | 31 Dec 09 | 30 Sep 09 | ||
|---|---|---|---|---|---|
| $m | $m | $m | $m | ||
| Total Assets and Funds Under Management | 23,948 | 22,080 | 22,887 | 21,614 | |
| Represented by: | |||||
| Funds Management | |||||
| Boutique Partnerships (a) | |||||
| Equities | 3,255 | 2,534 | 2,144 | 1,529 | |
| Fixed income | 3,722 | 2,133 | 1,889 | 1,403 | |
| Total Boutique funds | 6,977 | 4,667 | 4,033 | 2,932 | |
| Aligned and Other (b) | |||||
| Infrastructure | |||||
| Institutional mandates | 995 | 902 | 1,094 | 1,003 | |
| Challenger Infrastructure Fund (ASX:CIF) | |||||
| (adjusted equity value) | 423 | 470 | 615 | 535 | |
| Property | |||||
| Institutional mandates | 1,578 | 1,490 | 1,238 | 1,172 | |
| Challenger Diversifed Property Group (ASX:CDI) | |||||
| (gross assets) | 799 | 795 | 794 | 852 | |
| Challenger Wine Trust (ASX:CWT) (gross assets) | 240 | 258 | 261 | 266 | |
| Challenger Kenedix Property Trust (ASX:CKT) (gross assets) | – |
– | 749 | 821 | |
| Australian equities | 1,651 | 2,706 | 2,836 | 3,007 | |
| Real estate securities | 1,479 | 1,279 | 1,364 | 1,340 | |
| Fixed income(c) | 6,079 | 5,944 | 6,240 | 5,963 | |
| Total Aligned and Other funds | 13,244 | 13,844 | 15,191 | 14,959 | |
| Total funds under management | 20,221 | 18,511 | 19,224 | 17,891 | |
| Comprising: | |||||
| Retail | 6,488 | 6,177 | 6,287 | 6,311 | |
| Institutional | 12,271 | 10,810 | 10,517 | 9,106 | |
| Listed funds | 1,462 | 1,524 | 2,420 | 2,474 | |
| Total funds under management | 20,221 | 18,511 | 19,224 | 17,891 | |
| (a)Boutique Partnerships are co-owned, separately branded and licensed businesses from which Challenger receives dividends, distribution fees and administration fees. | |||||
| (b)Aligned and Other includes asset classes where Challenger Life may be a signifcant investor and that are typically Challenger owned and branded. | |||||
| (c)Fixed income includes mortgages. | . | ||||
| Life | |||||
| Fixed income and cash | 5,207 | 4,389 | 4,464 | 4,004 | |
| Property(d) | 1,578 | 1,490 | 1,238 | 1,172 | |
| Infrastructure | 527 | 509 | 693 | 663 | |
| Equity and other | 266 | 257 | 256 | 229 | |
| Total Life investment assets | 7,578 | 6,645 | 6,651 | 6,068 |
(d) Property is reported net of senior debt of (June 2010 $683m; March 2010 $683m; December 2009 $277m; September 2009 $479m). Property includes direct and indirect holdings.
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Analysis of Flows
Funds Management
| Analysis of Flows Funds Management |
|||||
|---|---|---|---|---|---|
| Net fows for the quarter: | 30 Jun 10 | 31 | Mar 10 | 31 Dec 09 | 30 Sep 09 |
| $m | $m | $m | $m | ||
| Boutique Partnerships | 1,950 | 535 | 855 | 961 | |
| Aligned and Other | 183 | (661) | 142 | (133) | |
| Net fows | 2,133 | (126) | 997 | 828 | |
| Retail | 552 | (382) | (52) | (148) | |
| Institutional | 1,581 | 256 | 1,049 | 976 | |
| Net fows | 2,133 | (126) | 997 | 828 | |
| Reconciliation of Total Group Assets and Funds Under Management | |||||
| 30 Jun 10 | 31 | Mar 10 | 31 Dec 09 | 30 Sep 09 | |
| $m | $m | $m | $m | ||
| Funds under management | 20,221 | 18,511 | 19,224 | 17,891 | |
| Life investment assets | 7,578 | 6,645 | 6,651 | 6,068 | |
| Adjustments to remove double counting | |||||
| of cross holdings: | |||||
| Life Company investment in CDI and CIF | (467) | (488) | (522) | (510) | |
| Life Company investment in infrastructure, property and fxed income mandates(c) |
(3,384) | (2,588) | (2,466) | (1,835) | |
| Total Assets and Funds Under Management | 23,948 | 22,080 | 22,887 | 21,614 |
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