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Sovereign Enhances Its Investment Product Range

SOVEREIGN ENHANCES ITS INVESTMENT PRODUCT RANGE
Statement made by Ian Hendry, Group Managing Director, Sovereign Limited

Sovereign is soon to expand its range of investment products.

Over the next six months, Sovereign will take responsibility for the marketing, product development, client servicing and distribution of Colonial First State’s retail managed funds – the Colonial First State Investment Series and the Colonial First State Retirement Lifestyle Series. During this time, the names of these products will change as they become Sovereign-branded funds.

The Colonial First State funds being transferred will complement Sovereign’s existing range of multi-manager funds. The new arrangement means that both advisers and investors will be offered a more retail focused service, and even greater choice.

The Colonial First State Group will remain responsible for the investment management of these products.

This change will increase Sovereign’s funds under management to in excess of $3.2b, making us one of the largest providers of managed funds in New Zealand.

Sovereign is part of the ASB Group, which in turn is part of the Commonwealth Bank Group - one of Australasia’s largest investment managers, with in excess of $140 billion in funds under management. This refinement to the retail operations in New Zealand will give Sovereign enhanced access to Commonwealth Group’s specialist funds management expertise.

Sovereign has particular strength in the marketing, management and support of retail products, and will continue to offer the extended range of managed funds through its extensive adviser network.

ENDS

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