CBA sells CFSGAM
The Commonwealth Bank of Australia (CBA) has entered an agreement to sell its global asset management business, Colonial First State Global Asset Management (CFSGAM) to Japan’s Mitsubishi UFJ Trust and Banking Corporation.
The transaction has been valued at $4.13 billion.
The transaction sees CFGAM separated from CBA’s broader divestment of its wealth management businesses with CBA stating that as a result of the transaction, CFSGAM will not be included in the previously announced demerger of CBA’s wealth management and mortgage broking businesses.
Recommended for you
GQG Partners has marked its fifth consecutive month of outflows as its AI concerns lead to fund underperformance but overall funds under management increased to US$166.1 billion.
Apostle Funds Management is actively pursuing further partnerships in Asia and Europe but finding a suitable manager is a “needle in a haystack”.
Nuveen has made its private real estate strategy available to Australian wholesale investors, democratising access to a typically institutional asset class.
VanEck is expanding its fixed income range with a new ETF this week to complement its existing subordinated debt strategy which has received $1 billion in inflows this year.
