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CHALLENGER LIMITED — Fund Information / Factsheet 2012
Apr 18, 2012
64641_rns_2012-04-18_89c78fed-68eb-47ac-abf8-fa211718013f.pdf
Fund Information / Factsheet
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MARKET RELEASE
ASSETS AND FUNDS UNDER MANAGEMENT - 31 MARCH 2012
19 April 2012, Sydney – Challenger Limited (ASX:CGF) today announced that as at 31 March 2012 its assets and funds under management (AUM) totalled $31.4 billion, representing an increase of 16% since 31 March 2011. AUM was up 6% on the prior quarter reflecting continued strong life sales, positive boutique inflows and positive market movement for the period.
Challenger CEO Brian Benari said “With retail Life sales of $364 million for the quarter, we remain on track and continue to target our 2012 retail Life sales growth of 30% and net book growth of 10%. We also reaffirm Life’s 2012 cash operating earnings forecast of $435 million and a consistent cash operating earnings margin over the second half. Positive trends in our Funds Management business have also continued with strong flows into our boutique partnerships, particularly into fixed income products.”
Challenger Life sales for the quarter were $779 million, incorporating retail sales of $364 million and institutional sales of $415 million. Retail sales were up 23% for the quarter and up 34% financial year to date compared to the prior corresponding periods (excluding the $444 million conversion of the High Yield Fund in February 2011). Consistent with prior years, retail sales were lower than the December quarter reflecting seasonal impacts. Life’s assets under management totalled $9.4 billion, up 14% since 31 March 2011 and up 8% since 31 December 2011.
Boutique FUM increased a further $1.5 billion or 9% for the quarter resulting in total boutique FUM of $17.8 billion as at 31 March 2012, driven by positive net flows and market linked performance. Total Funds Management net inflows of $645 million for the quarter consisted of net inflows of $614 million into the Boutique partnership funds and $31 million into the Aligned funds.
Ends
Chantal Travers, Investor Relations, Challenger Limited. 02 9994 7560 Stuart Barton, Head of Marketing & Communications, Challenger Limited. 02 9994 7008
Further enquiry:
Challenger Limited A.B.N 85 106 842 371
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Assets and Funds Under Management
as at 31 March 2012
| as at 31 March 2012 | |||||
|---|---|---|---|---|---|
| 31 Mar 12 | 31 Dec 11 | 30 | Sep 11 | 30 Jun 11 | |
| $m | $m | $m | $m | ||
| Total Assets and Funds Under Management | 31,412 | 29,567 | 27,579 | 27,909 | |
| Represented by: | |||||
| Funds Management | |||||
| Boutique Partnerships (a) | |||||
| Equities | 8,262 | 7,549 | 6,700 | 7,211 | |
| Fixed income | 9,507 | 8,695 | 7,596 | 7,637 | |
| Total Boutique funds | 17,769 | 16,244 | 14,296 | 14,848 | |
| Aligned and Other (b) | |||||
| Infrastructure | |||||
| Institutional mandates | 1,105 | 1,100 | 1,101 | 1,001 | |
| Challenger Infrastructure Fund (ASX:CIF) | |||||
| (adjusted equity value) | 367 | 352 | 327 | 311 | |
| Property | |||||
| Institutional mandates | 1,736 | 1,757 | 1,751 | 1,721 | |
| Challenger Diversifed Property Group (ASX:CDI) | |||||
| (gross assets) | 884 | 871 | 873 | 874 | |
| Fixed income(c) | 7,528 | 7,397 | 7,425 | 4,853 | |
| Total Aligned and Other funds | 11,620 | 11,477 | 11,477 | 8,760 | |
| Total funds under management | 29,389 | 27,721 | 25,773 | 23,608 | |
| Average Boutique funds(d) | 17,026 | 15,399 | 14,614 | 14,311 | |
| Average Aligned and Other funds(d) | 11,491 | 11,443 | 10,714 | 8,718 | |
| Average total funds under management | 28,517 | 26,842 | 25,328 | 23,029 | |
| (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 branded. | |||||
| (c)Fixed income includes mortgages. | |||||
| (d)Average assets and funds under management are calculated on a monthly basis. | . | ||||
| Life | |||||
| Fixed income and cash | 7,046 | 6,369 | 6,430 | 6,114 | |
| Property(e) | 1,533 | 1,552 | 1,565 | 1,535 | |
| Infrastructure(f) | 571 | 569 | 509 | 479 | |
| Equity and other assets | 230 | 219 | 243 | 259 | |
| Total Life investment assets | 9,380 | 8,709 | 8,747 | 8,387 | |
| Average Life investment assets(d) | 9,013 | 8,670 | 8,513 | 8,350 |
(e) Property is reported net of senior debt of $665m (December 2011 $705m). Property includes direct and indirect holdings.
(f) Infrastructure is reported net of senior debt of $206m (December 2011 $208m).
Life Company asset allocation split
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----- Start of picture text ----- 31 March 2012 31 December 20113% 2%18%16%6% 7%75% 73%Property Fixed income Infrastructure Equity and otherand cash assets assets----- End of picture text -----
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----- Start of picture text ----- 30 September 20113%6% 18%73%----- End of picture text -----
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----- Start of picture text ----- 30 June 20113%18%6%73%----- End of picture text -----
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| Analysis of Flows | |||||
|---|---|---|---|---|---|
| Funds Management | |||||
| Net fows for the quarter: | 31 Mar 12 | 31 | Dec 11 | 30 Sep 11 | 30 Jun 11 |
| $m | $m | $m | $m | ||
| Boutique Partnerships | 614 | 1,650 | 336 | 1,309 | |
| Aligned and Other | 31 | 11 | (276) | (70) | |
| Net fows | 645 | 1,661 | 60 | 1,239 | |
| Life | |||||
| Sales for the quarter: | 31 Mar 12 | 31 | Dec 11 | 30 Sep 11 | 30 Jun 11 |
| $m | $m | $m | $m | ||
| Retail | 364 | 475 | 509 | 450 | |
| Institutional | 415 | 239 | 49 | 10 | |
| Net sales | 779 | 714 | 558 | 460 | |
| Reconciliation of Total Group Assets and Funds Under Management | |||||
| 31 Mar 12 | 31 | Dec 11 | 30 Sep 11 | 30 Jun 11 | |
| $m | $m | $m | $m | ||
| Funds under management | 29,389 | 27,721 | 25,773 | 23,608 | |
| Life investment assets | 9,380 | 8,709 | 8,747 | 8,387 | |
| Adjustments to remove double counting | |||||
| of cross holdings: | |||||
| Life Company investment in CDI and CIF | (460) | (451) | (439) | (435) | |
| Life Company investment in infrastructure,property and fxed income mandates(g) | (6,897) | (6,412) | (6,502) | (3,651) | |
| Total Assets and Funds Under Management | 31,412 | 29,567 | 27,579 | 27,909 |
(g) The change in cross holdings from 30 June 2011 was due to an increase in fixed income mandates managed by the aligned team on behalf of the Life company.
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