Challenger boosts assets, FUM

Investment management firm lifts total group assets, funds under management.

Investment management firm Challenger Limited has lifted its total group assets and funds under management to $49.5 billion in the March quarter, a 21% increase on the position a year ago, and a 1 per cent increase on the previous quarter.

Life annuity sales increased 29 per cent to $496 million, while retail annuity sales gained 35% $478m.

Challenger chief executive officer Brian Benari said in what is traditionally the fund's quietest sales period, it managed to maintain sales momentum and further increase the share of retirement savings allocated to guaranteed income products.

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