June 12, 2019 / 11:27 PM / 2 months ago

Australian fund manager Challenger downgrades outlook

June 13 (Reuters) - Challenger Ltd on Thursday said it expected to record annual profit before tax towards the lower end of its guidance range, in line with market expectations of A$544 million ($376.9 million).

The Australian fund manager said it now expected to achieve the bottom end of the full-year 2019 normalised net profit before tax guidance range of A$545 million to A$565 million, and warned of hardly any growth in 2020 as well. ($1 = 1.4434 Australian dollars) (Reporting by Shanima A in Bengaluru; Editing by Stephen Coates)

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