Two brokers have downgraded Challenger Financial (ASX: CGF) this morning following its quarterly results. Macquarie and UBS bother downgraded the investment management firm from Outperform/Buy to Neutral. Both brokers noted very strong quarterly growth in its annuities business and sales in its Lifetime product. However, UBS was disappointed with outflows in Fidante and now believes the company is fully valued. For Macquarie, the lack of transparency in terms of credit risk prompted the broker to downgrade the company.