Top executive to leave Commonwealth Bank's wealth unit CFSGAM
By Paulina Duran
SYDNEY, Sept 20 (Reuters) - Australia's Commonwealth Bank
said on Thursday the head of its funds management
business Colonial First State Global Asset Management (CFSGAM)
will leave the firm, ahead of the unit's planned separation and
listing next year.
Mark Lazberger, who had been chief executive of the unit for
10 years, will be replaced by Chief Operating Officer Mark
Steinberg until the bank finds a permanent replacement, a
spokeswoman said by email.
CBA plans to spin off most of its wealth management and
mortgage broking arms into a separately listed company called
CFS Group. The new firm would include CFSGAM, which has about
A$213 billion under management.
"Under (his) leadership, the firm has developed a strong
global presence with approximately 80 percent of its global
revenues now being derived from its international client
relationships," she added.
CFS Group is due to be listed on the Australian stock
exchange next year. Along with CFSGAM, it will also include
CBA's pension fund and financial advice businesses, which have
come under critical scrutiny in recent months in an inquiry into
financial sector misconduct.
CBA has been accused of several misdeeds at the inquiry,
including charging fees to dead clients by its wealth management
CFSGAM has not been implicated in any wrongdoing by the Royal
Commision, as the inquiry is called.
(Reporting by Paulina Duran; Editing by Gopakumar Warrier)
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