John Pearce leaves Colonial First State

6 November 2006


Today we are announcing the departure of John Pearce, Chief Executive Officer Colonial First State to take up a senior executive position offshore. Colonial First State is a subsidiary of the Commonwealth Bank.

Commonwealth Bank Group Executive Wealth Management, Grahame Petersen said, "John's contribution to the growth and success of the Colonial First State business has been significant. He has also developed his management team to a level which will ensure ongoing stability and strength of the Colonial First State business. While we are disappointed to lose him, we understand that John is looking to broaden his experience in an international role."

John has made a substantial contribution to the Group through roles with Colonial First State and Colonial over 20 years. Highlights of John’s time at Colonial First State include:

  1. The growth of the FirstChoice platform to now nearly $30 billion in funds under administration consolidating Colonial First State’s dominant market position in retail market share
  2. Alliances with 452 Capital, PM Capital and Acadian
  3. The integration of Commonwealth Investment Management into Colonial First State to create Australia’s largest asset management business.

John is confident he will be leaving Colonial First State in very capable hands.

"While leaving Colonial First State after nearly four great years at the helm is a little sad, I’m confident it possesses an outstanding senior management team who have always been a vital part of its success."

John will depart Colonial First State on 1 December.

An announcement on his replacement will be made shortly.



For more information, contact:

Amber Saggers
Phone: (02) 93036059 / Mobile: 0417220853