Colonial unites global teams
Colonial First State has combined its Australian and UK international equities teams into a single operation, reporting directly to chief executive Chris Cuffe.
Colonial First State has combined its Australian and UK international equities teams into a single operation, reporting directly to chief executive Chris Cuffe.
The combined team of 25 will still operate from London and Sydney, and will cover international equity investment around the globe.
The move also lifts First State's funds under management by $9.1 bil-lion, the amount of international equities managed by the London op-eration. Colonial First State will now have more than $11.6 billion of international equities under management.
Cuffe says the reorganisation is part of the move to make Colonial's fund management business an international operation with one invest-ment philosophy, approach and team.
"This means Colonial First State is one of the few Australian-based investment managers with complete control over its international eq-uities operations," he says.
"Local control ensures that those products or mandates invested into international equities are managed with the full understanding of do-mestic needs."
Colonial bought its international equities funds management in-house in 1997, having previously used third-party managers.
When Colonial Investments were merged with First State last year, the international equities team was moved to London to be more closely aligned with the major markets.
The London operation was managed as an independent unit by Mark Burgess who will continue in this role, reporting to Cuffe.
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