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.
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). CFS
demutualised
Demutualization is the process by which a customer-owned mutual organization (''mutual'') or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, memb ...
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
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the re ...
and
Foreign Investment Review Board
The Australian Foreign Investment Review Board (FIRB), "examines proposals by foreign persons to invest in Australia and makes recommendations to the Treasurer on those subject to the Foreign Acquisitions and Takeovers Act 1975 and Australia's f ...
, it would sell a 55% interest in the business to
KKR. The transaction was completed in November 2021. 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.
References
External links
Company website
{{KKR
Commonwealth Bank
Financial services companies based in Sydney
Investment companies of Australia
Kohlberg Kravis Roberts companies