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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
