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Commonwealth Private Bank announces new head

4 December 2006

The Commonwealth Bank today announced the appointment of Richard Nunn as the new head of the Commonwealth Private Bank reporting to Edward Tait, Executive General Manager Private Client Services.

"I’m pleased to announce that Richard Nunn will lead the Commonwealth Private Bank," said Edward. "Richard brings extensive wealth management experience and a focus on relationship advice that will help drive the growth of the Private Bank in Australia and our offshore presence in Asia.

"The Commonwealth Private Bank is focussed on providing premium personal clients with unique and innovative wealth creation opportunities, and I am confident that Richard will make a solid contribution."

Richard joins the Commonwealth Private Bank team from Colonial First State, where he was General Manager of Distribution, overseeing third party relationships, direct distribution, superannuation, and the management of the advice businesses.

"I am proud to be joining a team of experienced finance professionals who are dedicated to optimising our client’s investment strategies through the provision of highly tailored, strategic and relevant financial advice," said Richard.

"I see a lot of potential for growth in Commonwealth Private Bank, capitalising on their advisory approach."

"Richard’s appointment is consistent with the strategic direction of the Commonwealth Private Bank to deliver an enhanced advisory service to its clients, drawing on the vast resources of the Commonwealth Bank group," added Edward. "Our clients are looking for superior investment options and I believe under Richard’s leadership, the Private Bank will be able to continue to drive for new and exclusive investment opportunities for our clients.

Richard is also a recent graduate of Harvard Business School’s Advanced Management Program, and I believe he will bring a best practice approach to leading this key business for the Commonwealth Bank," added Edward.

Richard will commence his new role in mid-January 2007.

ENDS

Bryan Fitzgerald
General Manager, Media and Issues Management
Commonwealth Bank
Phone: (02) 9378 2663
Mob: 0414 789 649
Email: fitzgeb@cba.com.au

 

Notes to editor:

Background - Full biography
Richard Nunn is currently the General Manager of Distribution for Colonial First State Investments Limited, Australia’s largest fund manager and a wholly owned subsidiary of the Commonwealth Bank of Australia (CBA). Richard joined Colonial First State in August 2003 from IOOF, where he was General Manager, Retail Funds Management. He first joined the financial services industry in 1988.

Between 1988 and 2000 he held various positions at AXA Asia Pacific Holdings Ltd. These included National Retail Sales Manager and Head of AXA Advisor Services and Business Manager, International Operations.

As General Manager of Distribution at Colonial First State, Richard oversees all aspects of CBA’s Wealth Management distribution including third party, direct, corporate superannuation, CBA’s advice businesses and is a Director of a number of subsidiary companies.

Richard holds a Bachelor of Business, and a Graduate Diploma in Economics. In addition to this he is a Graduate member of the Australian Institute of Company Directors, having completed their Diploma course and a Graduate of the Harvard Business School’s Advanced Management Program.

About the Commonwealth Private Bank
The Commonwealth Private Bank has over 8,000 client relationships with sophisticated premium personal clients in Australia and Asia. Around 130 dedicated financial advisers provide clients with access to extensive research and superior analytical capability that develop unique wealth creation and investment opportunities.

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