The entity formerly known as First State Investments, and before that Colonial First State Global Asset Management, switched to its new brand across all locations last week.
Now operating as First Sentier Investors, the more than US$145 billion Australian-headquartered diversified asset manager adopted the new name in its home territory last year following an ownership change.
Previously owned by the Commonwealth Bank of Australia (CBA), the Japanese firm Mitsubishi UFJ Trust and Banking Corporation (MUTB) bought what is now First Sentier in August 2019 for about A$4 billion.
(As an aside, MUTB sold its 15 per sent stake in rival Australian fund manager, AMP Capital, this August for A$460 million.)
Like most Australian banks, CBA had been hurriedly divesting wealth management assets, spurred on in part by damning findings in the 2018/19 Royal Commission into financial services. Aside from a messy exit from some financial planning subsidiaries, CBA did relatively well out of its wealth disposal, fetching A$3.8 billion for insurance arm CommInsure in 2017 and A$1.7 billion after selling 55 per cent of the investment platform business, Colonial First State, to private equity outfit KKR this May.
Under its new owners, First Sentier would continue its push “to be a unified global business”, CEO, Mark Steinberg, said in a release. Sentier is an old Latin word meaning ‘path’ – a masculine noun, according to the Collins dictionary.
The business would continue to operate several underlying fund sub-brands including FSSA Investment Managers, Stewart Investors and smart beta specialist Realindex, the statement says.
First Sentier also has a significant exposure to NZ both as owner of infrastructure assets – such as First Gas, Quantem Bulk Liquid Storage & Handling and fibre broadband firm UFF Holdings – and via investment funds.
Liz Hastilow, First Sentier managing director Australia and NZ, said the statement: “In New Zealand, we are seeing growing interest from asset owners for our high-calibre, actively managed specialist investment capabilities. In particular, there is heightened attention from investors in our direct and listed infrastructure strategies.”
The First Sentier global listed infrastructure fund is the flagship product for the manager in NZ. Now offered as a wholesale portfolio investment entity (PIE) via a fund-hosting agreement inked with the Wellington-based Implemented Investment Solutions in 2018, the NZ First Sentier global listed infrastructure product has about $250 million under management.
Also last week another Australian arm of a global investment giant, T Rowe Price, confirmed Jonathan Ross as head of intermediary Australia and NZ.
Ross, a T Rowe Price relationship manager since 2015, had served in the role in acting capacity for the US-headquartered growth shop since May this year, stepping in for Darren Hall. Hall was promoted to T Rowe Price head of distribution, formally taking up the position at the end of August to replace long-time incumbent, Murray Brewer.
In a release, Ross said: “Advisers are an incredibly important segment to our business and there is ample evidence that people who seek financial advice have better financial outcomes.
“It’s a privilege to lead the firm’s well-respected and highly capable team to support the adviser community, especially amidst these times of accelerated change where fund managers and advisers alike have had to adapt to stay engaged. Our key focus is to continue to provide relevant support and a high level of service to the adviser community.”
T Rowe Price offers five retail products in Australia under its own steam as well as a range of institutional strategies on both sides of the Tasman. In NZ, Harbour Asset Management offers the T Rowe Price Global Equity Growth Fund as a retail PIE. Since inception late in 2015 the Harbour T Rowe Price fund has grown to over $145 million as at the end of June this year.