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

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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