In a statement, the firm said he will step down at the end of the year and a comprehensive search has begun for his successor.
Steinberg became chief executive in October 2018 while the firm was known as Colonial First State Global Asset Management (CFSGAM) and continued in the role upon its rebranding to First Sentier in 2019.
In total, however, he has spent more than a decade at the firm as he previously worked as its chief financial officer from 2008 to 2015 when the company was part of Commonwealth Bank.
In between this, he worked at insurer Cover-More Group as its group chief financial officer and later, Asia-Pacific chief executive before rejoining CFSGAM to take over from Mark Lazberger. He then oversaw the firm’s acquisition by Mitsubishi UFJ Trust and Banking Corporation which completed in 2019.
A spokesperson for FSI said: “To ensure a seamless transition, a comprehensive search for his successor has commenced. The selection process will include both internal and external candidates, as we aim to find the most suitable individual to lead the business into its next phase of growth and success.”
Earlier this year, the firm announced its first exchange-traded fund (ETF) product would be listed on the ASX.
The incoming First Sentier Geared Australian Share Fund Complex ETF will give Australian advisers and investors an additional way to access the existing First Sentier Geared Australian Share Fund. The fund seeks to deliver long-term growth by actively gearing a range of ASX 100 companies defined by strong balance sheets, ability to grow cash flows and liquidity.
Amid the rising demand for ETFs throughout Australia, FSI chief commercial officer Harry Moore said the product may attract new clients who may not have traditionally considered investing via managed funds.
“Given the increasing demand for ETFs, we’re excited to provide our clients with an additional way to access our active investment approach via this structure and expand our offering to new clients who may not have traditionally considered investing via managed funds. We will continue to assess opportunities to meet evolving client needs and broaden access to our suite of investment strategies.”
