Colonial First State restructure removes CEO role
The Commonwealth Bank has significantly altered the managerial architecture of Colonial First State with its chief executive, Brian Bissaker, leaving the company and with the most senior positions being at executive general manager level.
However while those positions will be at executive general manager level, they will report directly to the bank's group executive, wealth management, Annabel Spring, removing the CFS chief executive position from the equation.
Bissaker confirmed his departure to Money Management when news of the CFS restructure emerged on Tuesday and, in doing so, said he supported the changes put in place by Spring.
For her part, Spring said changes in the industry and the CFS businesses had necessitated a review of the internal organisational structure and reporting lines.
She said those changes in the businesses included regulatory impacts, the acquisition of Count Financial, the continued growth of the advice business and the increased growth of the CFS platform businesses.
Spring said this had prompted her to separate the advice and CFS businesses, and to have the leadership roles report to her and be part of the wealth management leadership team.
The formal Commonwealth Bank announcement confirmed that former Count Financial chief executive Marianne Perkovic would lead the CFS advice business as executive general manager advice - a role which will give her responsibility for the Count business.
As well, Linda Elkins will retain responsibility for distribution and marketing, but will take on responsibility for the remaining CFS businesses on an interim basis and while a recruitment exercise is undertaken.
Recommended for you
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
