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. Challenger provides administration and distribution services to the boutiques and shares in the profits of these businesses through its equity ownership.