Colonial First State Consolidates Group Resources

Colonial First State Consolidates Group Resources

Statement made by Bruce Abraham, Chief Executive, Colonial First State Investment Managers (NZ) Limited

Colonial First State, a member of the Commonwealth Bank Group of companies, is consolidating its business strategy in New Zealand to enable better utilisation of the investment and distribution strengths of the Group.

In future we will operate in New Zealand as a wholesale investment manager. We will continue to focus on the corporate market as well as providing investment management for products distributed by other arms of the Commonwealth Bank Group in New Zealand – Sovereign and ASB Bank.

The distribution and marketing of Colonial First State’s retail managed funds is being transferred to Sovereign. Importantly, Colonial First State will continue to be the investment manager for these products.

Colonial First State Property NZ Limited will continue to manage the Colonial First State Property Trust, which is listed on the New Zealand Stock Exchange.

The New Zealand operations of Colonial First State will remain part of and report directly to the international Colonial First State Investments Group based in Sydney.

This consolidation of our operations is part of the wider Commonwealth Bank Group strategy and enhances the business opportunities for Sovereign, ASB Bank and Colonial First State and also reaffirms Colonial First State’s commitment to New Zealand.

The new structure will more effectively enable our clients and new investors to access the investment expertise of the international Colonial First State Group.

ENDS

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