September 20, 2018 / 5:19 AM / 2 months ago

Top executive to leave Commonwealth Bank's wealth unit CFSGAM

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 business. 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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