Colonial First State (CFS) will replace troubled boutique fund manager 452 Capital with Paul Fiani’s Integrity Asset Management and its own CFS Global Asset Management (CFSGAM).
The Commonwealth Bank of Australia is a shareholder in 452 Capital, and its specialist investment business Colonial First State distributes the 452 Australian Share Fund.
In light of the changes taking place at 452 – with chief executive Lynsdey Hancock and co-investment directors Mary Feros and Suellen Morgan last week announcing their impending departure – CFS has reviewed its involvement with the high-profile boutique manager.
CFS said it has “determined that it is in the best interests of investors to replace 452 Capital with other managers, Integrity and CFSGAM Core”.
Integrity Investment Management is also a boutique Australian equities manager, established in 2007 by well-regarded investment manager Paul Fiani and a number of his former colleagues from UBS Global Asset Management – Shawn Burns, Marcus Truman and John Moran.
Integrity was named the Money Management/Lonsec Fund Manager of the Year Award for Australian Equities (Broad Cap) in both 2009 and 2010.
