Bissaker leaves BT for Colonial

In one of this year's biggest recruiting coup's,Colonial First Statehas signed up one ofBT Funds Management's (BTFM) highest profile senior executives, Brian Bissaker, to take on the role of general manager of product strategy.

Bissaker, who left BTFM last Friday, rose to the level of executive vice president in his eight years at the group, holding a series of senior roles along the way, including head of technical and head of product development.

The new appointment will make Bissaker, who was head hunted specifically for the role by Colonial First State chief executive Chris Cuffe, the first ever general manager of product strategy at Colonial First State.

"We have not had a head of product strategy before but the growth we have experienced in our products and funds meant that we needed someone who could drive this area of the business to its maximum potential," Cuffe says.

The new role will give Bissaker responsibility for the strategy leading to the development of all future Colonial First State products, except those related to direct property.

He is also expected to embark on a project to examine the structure, including the pricing and viability, of Colonial's existing product range.

Bissaker is also likely to play a leading role in Colonial's push to convince the Government to change restrictive tax requirements on growth pensions.

"Growth pensions are the most important product development area for the immediate future, but we can't do anything about it until the Government clears the path with changes to the legislation," Cuffe says.

Bissaker's exit from BTFM marks the second high profile departure from the group in the last four weeks. Earlier this month, BT's head of portfolio services, Bill Wawn, left the group.

Bissaker will start at Colonial First State in April.