Challenger Limited, formerly Challenger Financial Services Group Limited, is engaged in the provision of financial services. The Company operates in three segments: Life, Funds Management, and Corporate and other. Its Life segment includes annuity and life insurance business, which are carried out by Challenger Life Company Limited (CLC). The Life segment offers fixed-rate superannuation products and fixed-rate retirement products. The Funds Management segment manages three listed funds. The three listed funds include fixed interest and mortgage funds, Australian shares, property funds and international share funds, and a number of unlisted fund mandates. On February 25, 2011, the Company acquired 100% of the units in Challenger High Yield Fund (HYF). On June 25, 2011, it acquired a controlling interest in Oaklands Hill Pty Limited.