Wealth giant Challenger is shopping around for a new manager to potentially take over running its $3.5 billion real estate portfolio from its current manager, Elanor Investors Group, which is saddled with debt and has been suspended from the ASX since August.

Three months after Challenger concluded a review of its mandate with Elanor and resolved to retain the ASX-listed platform as its manager, the wealth giant is back in the market quietly sounding out alternatives.