CGF shares: Challenger loses $530 million in market value as Apollo Global Management sells down

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Investors and analysts are blaming the rout on what they claim are overblown concerns over the future of Challenger’s relationship with the private equity giant.

Concerns over the future of Challenger’s relationship with Wall Street asset manager Apollo are behind a sharemarket rout that wiped more than $530 million from the Australian financial services company’s value, analysts say.

Anna Milne, a senior investment analyst at Wilson Asset Management, which is a Challenger shareholder, called the sharemarket reaction “unfair”. “As one of our most important long-term strategic partners globally, we look forward to continuing to collaborate on asset management and product design,” he said on Thursday.

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