Challenger Limited is an investment company. The Company operates in two segments: Life and Funds Management. Life segment includes annuity and life insurance business carried out by Challenger Life Company Limited (CLC). CLC invests in assets providing long-term income streams for customers. Life segment offers fixed rate retirement and superannuation products that are designed for investors who are seeking a low-risk investment for a period of time and want to protect their capital. Funds Management earns fees from its Fidante Partners and Aligned Investments funds management operations, providing an end-to-end funds management business, as well as managing one listed fund and a number of unlisted fund mandates. Fidante Partners consists of number of associate boutique investment managers. In February 2014, Vocation Ltd announced that Challenger Ltd ceased to be a shareholder in the capital of the Company.