Cuffe renews contract and announces Equities Successor

26 February 2002

Colonial First State Investments today announced the contracts of its current CEO, Chris Cuffe, and that of its Head of Australian Equities, Greg Perry, would be up for review from June 30, 2002.

The fund manager announced Mr Cuffe had renewed his contract and will continue in the role of Chief Executive Officer for Colonial First State's Australian operations. Mr Cuffe has held the position since 1990 and taken the company from the small start-up of First State Fund Managers, the investment arm of State Bank NSW, to an industry leader with around AUD $50 billion under management.

Colonial First State also announced Mr Perry had decided to retire from his position after nearly fourteen years with the company to spend more time with his family. Mr Perry will continue in his role until June 30, 2002.

Mr Cuffe said while it was unfortunate to see a friend leave after fourteen years of working together, the decision came as no surprise to senior management who had anticipated and prepared for Mr Perry's departure over the last few years.

"We are farewelling a renowned and talented individual but he's leaving behind a lasting legacy of his passion and success. While Greg is recognised for his investment decisions he has been equally committed to developing a team of the best fund managers and analysts in the industry. Greg is the first to say his success was very much a product of team effort."

Mr Cuffe also announced the appointment of Ian Harding, currently one of Colonial First State's senior portfolio managers, as the natural successor to head Colonial First State's Australian equities team.

"Ian has been Greg's 2 IC for the past seven years and managed the team in Greg's absence. His appointment ensures continuity of our process as well as the stability of our investment team."

Colonial First State has been managing investment assets since 1988 and has earned a reputation as a successful, disciplined investment manager for its steady growth of funds under management in the corporate and public sectors.

"I am confident in our continuous growth and success. We are a manager of all asset classes and we are committed to setting new standards in performance and service in all areas of our business," said Mr Cuffe.