Listed financial services company Challenger Financial Services Group is set to look outside Australia to continue the expansion of its boutique funds management business.

"I think it is a logical step for us," Challenger boutique partnerships general manager Michael Lovett said.

But Lovett would not be drawn on potential locations and emphasised the current focus was on bedding down its three recent acquisitions: Merlon Capital Partners, Bentham Asset Management and Alphinity Investment Management.

"From our perspective it is a big commitment to do," he said.

"I think we need to get on top of the Australian market and focus on the three new ones here. There is a fair bit of work involved."

He also said there were still plenty of opportunities in Australia.

"I'm getting a call about every week from one new opportunity, so I think there are always opportunities out there."

By the fourth quarter of this year, Challenger will have grown its funds under management in its boutiques to $7 billion, up from $1.2 billion in March last year.

Lovett said he expected the expansion of the business to continue, albeit at a slower pace.

"We hope to continue growing, whether it will be as strong as that I don't know," he said.

He rejected the idea of narrowing down the asset classes Challenger would expand in, as some of its competitors had done.

"We want to be a broad-based boutique backer," he said.

"It is about finding best-of-breed guys in whatever asset class they are going to be in. We are not going to be narrowing our range."