CBA merges First State businesses

The Commonwealth Bank of Australia’s (CBA) international wealth management businesses First State Investments UK and First State Investments Asia are to be combined and re-branded as First State International.

First State Investments Asia chief executive Tom Waring has been appointed as the new combined entity’s chief executive officer after having his role expanded by CBA.

The positions of chief operating officer and chief investment officer for First State International will be filled by existing First State Investments UK chief investment officer Stuart Paul, in a combined role reporting to Waring.

CBA executive general manager investment and insurance services Stuart Grimshaw says that Paul’s knowledge of the UK business and Waring’s Asian industry experience should result in a quick assimilation of the businesses.

“The creation of these new roles is recognition of the increasingly global nature of the markets in which our international investment and insurance service businesses compete,” Grimshaw says.

“Operating under an international management structure, with an international investment management approach, will provide increased opportunities for our areas of expertise to be leveraged globally,” he says.

The CBA says the roles are to be effective from September of this year, and reflect the leadership required in the co-ordination of strategy and business activity across the Asian and UK markets.

Waring comes into the role with 20 years funds management experience and will relocate to the UK from Hong Kong.

Waring began his career in London with Gartmore, and has held a number of senior positions in Asian and UK fund management businesses, including chief executive for Asia and the UK forNicholas Applegate.

Paul has worked previously for Stewart Ivory & Company, and has 10 years of investment and business management experience in funds management.