No idea, I'm aware that Apollo are having some issues with some of their property assets though. They are a big company they could be recycling the capital for anything.
Interest rates falling isn't necessairly a bad thing for Challenger. Their statutory book make actually benefit from falling rates and increase their earnings.
Term Deposits have actually stolen a lof of flows from challenger given the competitive rates. If risk assets can attract a higher premium over cash then more money will flow to challenger as rates fall.
I would suggest Apollo have some reason not fundemantal to challenger. Liquidating part of their challenger position was just one option. Circa $500mil is a fair bit of cash.
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