Commonwealth Bank launches service for ultra rich
The Commonwealth Bank has launched a new division for ultra high-net-worth (HNW) clients called Commonwealth Private Office.
The division, which will focus on existing clients, was launched following a strategic review, said Adrian Hondros, executive general manager of Commonwealth Private Bank. He said the bank had many ultra HNW clients and aimed to deepen that relationship by offering them a higher level of relationship management and access to more sophisticated investment and advice offerings.
Commonwealth Private Office would cater for clients who had investable assets of $10 million or more and aimed to support them in the longer term management of their financial affairs, discussing investment needs such as structuring, superannuation, estate planning and business succession, the group stated.
Ralf Haase will head Commonwealth Private Office, bringing with him “extensive global wealth management experience and a focus on relationship based advice”, Hondros said.
Haase, who has 20 years of banking and financial services experience, said he saw a lot of potential for growth in Commonwealth Private Office through capitalising on the group’s holistic advisory approach.
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.
