Colonial First State
FormerlyFirst State Fund Management (1988–1994)
State Bank (1994–1996)
Colonial State Bank (1996–2000)
TypeSubsidiary
IndustryFinancial Services
FoundedAugust 1988 (First State)
23 November 1994 (Bank)
23 September 1996 (CFS)
Headquarters
Sydney, New South Wales
,
Australia
Key people
Rob Coombe (Executive Chairman)
ProductsInvestment, Superannuation and Retirement
AUMAU$144 billion
ParentKKR (55%)
Commonwealth Bank (45%)
Websitewww.cfs.com.au

Colonial First State (CFS), is an Australian wealth management group that provides investment, superannuation and retirement products to individuals and corporate and superannuation fund investors.[1]

History

The company was established in 1988 when the State Bank of New South Wales created First State Fund Management as a subsidiary. In 1994, Colonial Mutual acquired the State Bank of New South Wales from the NSW Government, and on 23 September 1996 the merged entity was rebranded as Colonial State Bank, with First State Fund Management being branded as "Colonial First State" (CFS).[2][3][4] CFS demutualised in 1997 and in 2000, it was acquired by the Commonwealth Bank, with the Colonial State Bank division being merged into the Commonwealth Bank.

In May 2020, owner Commonwealth Bank announced that, subject to gaining approval from the Australian Prudential Regulation Authority and Foreign Investment Review Board, it would sell a 55% interest in the business to KKR.[5][6] The transaction was completed in November 2021.[7] On 1 December 2021, CFS became a standalone company.

CFS announced its commitment on climate change, aligning CFS to the goals of the Paris Agreement and committing to net zero emissions by 2050 and to a 30 per cent reduction in Greenhouse Gas emissions from 2019 levels for its investment portfolios.[8]

References

  1. ↑ "CBA ASX announcement: Divestment of global asset management business" (PDF). firststateinvestments.com. 31 October 2018. Retrieved 19 March 2019.
  2. ↑ Flint, Jeremy (30 August 1996). "Colonial's State Bank gets ready for a new name". The Sydney Morning Herald. p. 23.
  3. ↑ Verrender, Ian (23 September 1996). "Change of name for the State Bank lacks note". The Sydney Morning Herald. p. 3.
  4. ↑ Hornery, Andrew. "Yawns all round for bank revamp". The Sydney Morning Herald. p. 2.
  5. ↑ CBA Announces Agreement to sell 55% stake in Colonial First State to KKR Commonwealth Bank 13 May 2020
  6. ↑ Colonial First State Leadership Update Colonial First State 5 July 2021
  7. ↑ https://www.commbank.com.au/articles/newsroom/2021/12/CFS-sale-completed.html Commonwealth Bank 23 November 2021
  8. ↑ "Colonial First State commits to net zero by 2050".
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