Challenger hikes FY profit

Funds manger confident of 2014 performance, fund under management soars to $44.8bn.

Funds manager Challenger (CGF) says it is confident of a strong 2014 after delivering a rise in full-year statutory net profit to $417 million, up from $149 million. Normalised profit was up 4 per cent to $309 million.

Underlying net income for the period was $308.5 million, well above analyst forecasts for around $292.5 million.

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