Small-scale ASX-listed property fund manager Elanor Investors Group has had its future transformed after striking a deal with Challenger to manage the $4 billion wealth giant’s real estate assets.

Stock in the $180 million Elanor surged 15 per cent on the news that it had clinched a deal to manage Challenger’s $3.4 billion commercial property portfolio. That transaction will more than double Elanor’s funds under management to $6.4 billion, turbocharging fee revenue from funds management by 60 per cent.