Colonial splits off funds management

25 February 2005
| By George Liondis |

Colonial First State Investments has today split its underperforming funds management arm from the remainder of its wealth management business after a wide-ranging review.

The funds management arm, which will include Colonial’s Australian asset management operations and its First State International subsidiary in the UK, will operate as a separate business unit under the changes.

Colonial will appoint a new head to lead the business, which will be known as Colonial First State Global Asset Management.

The current general manager of investments at Colonial, David Dixon, will take responsibility for Australian equities under the new structure, while Tom Waring will continue to head the international assets division.

John Pearce, formerly chief executive of the entire Colonial First State Investments, will be responsible for the group’s wealth management operations outside of funds management.

This includes Colonial’s financial planning businesses, as well as product development and retail distribution.

Commonwealth Bank of Australia group executive wealth management, Stuart Grimshaw, said in a statement this afternoon the changes were aimed at driving “sustained and strong investment management performance”.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Squeaky'21

My view is that after 2026 there will be quite a bit less than 10,000 'advisers' (investment advisers) and less than 100...

1 week ago
Jason Warlond

Dugald makes a great point that not everyone's definition of green is the same and gives a good example. Funds have bee...

1 week ago
Jasmin Jakupovic

How did they get the AFSL in the first place? Given the green light by ASIC. This is terrible example of ASIC's incompet...

1 week 1 day ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 1 week ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND