• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Taxation
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Directory
  • Video
  • Advertise with us
  • Directory
  • Events
  • European Fund Selector
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Directory
  • Events
    • Upcoming events
      event logo
      International Investment Nordic Forum 2021

      International Investment is delighted to announce the 2021 International Investment Nordic Forum which will take place on Tuesday March 9, at 9am (GMT). This curated virtual event will be broadcast live and will feature a series of fund manager interviews and presentations, as well as interviews with some of the Nordic regions top fund selectors.

      • Date: 09 Mar 2021
      • ONLINE, ONLINE
      View all events
  • European Fund Selector
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • ESG
  • Expats
  • In Depth
  • Special Reports
  • Video
  • Banking

CBA eyes offload of asset management business

CBA eyes offload of asset management business
  • Eugene Costello
  • 22 September 2017
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Hard on the heels of offloading its life insurance business to Hong Kong-based AIA for A$3.8bn as reported, Commonwealth Bank of Australia (CBA) is looking to divest itself of its global asset management business.

The division, Colonial First State Global Asset Management (CFSGAM), known internationally as First State Investments, has A$219bn in assets under management, and is considering a range of options for divestment from sale to floating.

Related articles

  • CBA insurance business sale makes AIA region’s biggest
  • Commonwealth Bank to demerge its $500m-a-year wealth arm
  • CBA sells $500m Chinese life insurer stake
  • CBA to launch A$4bn global asset management IPO

It is hoping to achieve this by the end of the year, according to The Australian, which saw this latest announcement as marking an end to ends to the lender’s “near two-decade push to become a diversified financial services powerhouse”.

CBA also said the head of its wealth division, Annabel Spring, pictured left, would be leaving the lender in December, after seeing through the AIA deal which will see the Hong Kong group commit to a 20-year deal to distribute insurance products to CBA’s 13 million customers.

It is the latest move among Australian banks to retreat bank to core, profitable areas such as mortgages and personal loans.

ANZ Bank’s wealth management division One Path is up for sale, and Westpac recently announced that it will sell its A$3.8bn fund manager BT Investment Management.

Australia National Bank recently sold 80% of its life insurance business to a Japanese company.

 

 

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Banking
  • Insurance
  • Life Insurance
  • Wealth management
  • CBA
  • Westpac

More on Banking

HSBC AM unveils new alternatives investment team

  • Alternative
  • 17 February 2021
UAE's new trusts law designed to 'support wealth management sector'

  • Wealth management
  • 11 February 2021
Quilter Financial Adviser School to offer digital courses

  • Wealth management
  • 11 February 2021
Liontrust expands multi-asset team and removes VAT from MPS

  • Wealth management
  • 02 February 2021
DeVere launches Kudos membership rewards club

  • Wealth management
  • 02 February 2021
Back to Top

Most read

Merian funds to be renamed under Jupiter banner
Merian funds to be renamed under Jupiter banner
Jersey regulator fines three firms for breaching money laundering rules
Jersey regulator fines three firms for breaching money laundering rules
Woodford returns as CIO of new offshore investment firm WCM Partners
Woodford returns as CIO of new offshore investment firm WCM Partners
Comment: The pandemic has dramatically complicated issues of tax residency
Comment: The pandemic has dramatically complicated issues of tax residency
RL360 parent IFGL in top level management restructure
RL360 parent IFGL in top level management restructure
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading