CBA completes divestment of CFSGAM


Commonwealth Bank of Australia (CBA) has announced the completion of the divestment of its global asset management business, Colonial First State Global Asset Management (CFSGAM) to Mitsubishi UFJ Trust and Banking Corporation (MUTB).
The final sale proceeds would be $4.2 billion, subject to completion adjustments, with the total consideration representing a multiple of 19.4x CFSGAM’s unaudited pro forma FY19 net profit after tax of $218 million and a post-tax gain on sale of approximately $1.5 billion.
“Today’s announcement represents an important milestone towards executing CBA’s strategy to become a simpler, better bank,” CBA’s chief executive, Matt Comyn, said.
“The sale of CFSGAM to MUTB creates significant value for CBA shareholders and is a positive outcome for CFSGAM clients and employees.”
Recommended for you
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.
Nuveen has appointed a global head of estate, a successor to Chris McGibbon who steps down after almost 25 years.