CFSGAM completes rebrand to First Sentier Investors
Colonial First State Global Asset Management (CFSGAM) has officially launched the rebrand of its business to First Sentier Investors (FSI).
This followed the completion of the sale last month to Mitsubishi UFJ Trust and Banking Corporation, a subsidiary of Mitsubishi UFJ Financial Group (MUFG), from the Commonwealth Bank of Australia (CBA).
It now operated under its own board of directors with assets under management of $222.7 billion, as of 30 June 2019, with an international client base across Asia, Australia, Europe and North America.
The rebrand coincided with the firm’s relocation from CBA’s Darling Park building to Tower Three, International Towers in Barangaroo.
CFSGAM functions performed under CBA including legal, finance and compliance would now be contained within the business.
Mark Steinberg, FSI chief executive, said as part of the acquisition they would remain a standalone business.
“We’re not going to be integrated into the broader MUFG group and for that reason we’re not going to be branded Mitsubishi going forward,” Steinberg said.
“Both Mitsubishi and I have a strong view that adding independent non-executive directors to this board will bring a higher standard of governance.”
It was also expected in the coming weeks that new products would be released into the market under the First Sentier branding.
As part of the sale agreement, the name Colonial First State and the red and blue logo would remain with CBA.
“Outside of Australia, we’re not known as CFSGAM, we’re known as First State Investments, so we’ve been a dual-branded organisation for a long period,” Steinberg said.
“Our new shareholders required we come together under a globally consistent brand.”
The word 'first' was a link to their heritage, while 'sentier' was a word of French origin that meant path.
AUTHOR
Chris Dastoor
Recommended for you
Perpetual outflows have risen by 134 per cent from the previous quarter as the result of client mergers and rebalancing including $2.5 billion in outflows at Pendal Asset Management.
Boutique real estate credit manager COI Capital Management has appointed a former private equity head from MLC Asset Management.
GSFM and its fund manager partner, Munro Partners, have launched an investment fund for New Zealand wholesale investors, marking a “natural extension” of its capabilities.
In its latest quarterly update, alternative asset manager MA Financial said it saw a 22 per cent increase in net inflows (ex institutional) to $444 million and is holding onto cash at historically high levels.
