Colonial splits off funds management

colonial first state wealth management business financial planning businesses chief executive

25 February 2005
| By George Liondis |

Colonial First State Investments has today split its underperforming funds management arm from the remainder of its wealth management business after a wide-ranging review.

The funds management arm, which will include Colonial’s Australian asset management operations and its First State International subsidiary in the UK, will operate as a separate business unit under the changes.

Colonial will appoint a new head to lead the business, which will be known as Colonial First State Global Asset Management.

The current general manager of investments at Colonial, David Dixon, will take responsibility for Australian equities under the new structure, while Tom Waring will continue to head the international assets division.

John Pearce, formerly chief executive of the entire Colonial First State Investments, will be responsible for the group’s wealth management operations outside of funds management.

This includes Colonial’s financial planning businesses, as well as product development and retail distribution.

Commonwealth Bank of Australia group executive wealth management, Stuart Grimshaw, said in a statement this afternoon the changes were aimed at driving “sustained and strong investment management performance”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 3 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 3 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 3 weeks ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

1 week 2 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

4 weeks 1 day ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

1 week ago