Challenger Delivers Strong September Quarter Business Flows. AUD 10.50 FVE Unchanged
As expected, the release of Challenger Limited’s first-quarter fiscal 2017 assets under management, or AUM, net flows, annuity sales and guidance update on 18 October 2016 was a share price catalyst with the stock up 6% on the day. Our recent decision to upgrade Challenger’s fair value estimate to AUD 10.50 per share was reinforced by the positive September quarter update. AUM increased 3% during the three months ending 30 September 2016 to AUD 62 billion, with total annuity sales of AUD 1.03 bi...Challenger is an investment manager with offices in Australia and London. Co.'s operating segments are: Life and Funds Management (FM). The Life segment comprises Challenger Life Company Limited (CLC), a provider of annuities and guaranteed retirement income products, and Accurium Pty Limited, a provider of self-managed superannuation fund actuarial certificates. The FM segment comprises Fidante Partners and Challenger Investment Partners (CIP). Fidante Partners provides administration and distribution services. CIP develops and manages assets under Co.'s brand for CLC and third party institutional investors. The investments managed by CIP are mainly in fixed income and commercial property.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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