Colonial heads back to Melbourne
Colonial is moving a number of its senior management team back to Melbourne, reversing the earlier flow to Sydney.
Colonial is moving a number of its senior management team back to Melbourne, reversing the earlier flow to Sydney.
The company is creating centres of excellence to provide services for the group internationally. These centres include marketing, personnel, financial planning and accounting, but Colonial First State fund management will remain in Sydney.
The administration of Colonial’s Australian operations will also remain in Sydney. The recently announced move of 290 administration staff from Melbourne to Sydney will still take place, a Colonial spokesman says.
Among the senior management moving back to Melbourne are Stuart James, managing director of Australian financial services, Peter Jenkins, chief financial officer of Australian financial services, Marc Mengler, general manager marketing and Paul Tissot, general manager retail.
The number of people moving from Sydney to Melbourne is still being decided but the spokesman estimates it could be a couple of hundred, with some additional staff being recruited to the Melbourne headquarters.
The move is expected to be completed by the first quarter of this year.
In recent years, Colonial’s traditional Melbourne base had housed only the chief executive officer’s staff and the international senior management. The new centres will be responsible for providing services to Colonial’s 30,000 staff world-wide.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
