The Commonwealth Bank of Australia has confirmed it will list wealth management subsidiary Colonial First State Global Asset Management (CFSGAM) on the ASX.
In a statement, the major bank announced confirmation of its intention to pursue an IPO of CFSGAM on the ASX by the end of calendar year 2018.
“We examined long-term Commonwealth Bank shareholder value and also considered the ability of CFSGAM to serve the interests of its clients, attract and retain key personnel and better grow its business,” the statement said.
“While CFSGAM has achieved significant growth, scale and diversification under the current ownership structure, the strategic review determined that an independent ownership model would provide greater benefits.”
CBA have approached a number of candidates who have agreed to join CFSGAM's board as independent non-executive directors in preparation for the potential listing, including John Mulcahy, Susan Doyle, James Millar, Gail Pemberton and Richard Wastcoat, according to the statement.
Mr Mulcahy would be appointed chairman of the board.
Meanwhile, CFSGAM’s current chief executive officer Mark Lazberger will remain in his role and will be appointed as an executive director to the board.
As at 31 December 2017, CFSGAM has $219 billion assets under management.
Climate change impacts and rising sea levels could cost the Australian economy $100 billion each year within the next two decades, according...