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Commonwealth Bank launches Commonwealth Private Office

21 October 2010: Commonwealth Bank has launched Commonwealth Private Office to provide strategic investment advice for ultra high net worth (UHNW) clients.

Adrian Hondros, Executive General Manager Commonwealth Private Bank said: “Following a review of our strategic plan in 2009, one of the key outcomes of the review was to create Commonwealth Private Office with a focus on existing clients.

“We have many UHNW clients within Commonwealth Private who receive various financial services from us. We believe that now is the right time to deepen our relationship with these clients, by offering them  a higher level of relationship management and access to more sophisticated investment and advice offerings,” Mr Hondros said.

Commonwealth Private Office, a division of Commonwealth Private, caters for UHNW clients who have investable assets of $10 million or more. Its aim is to support these clients in the longer term management of their financial affairs, providing them with investment advice and ongoing management of a strategically constructed investment portfolio.

The level of service for UHNW clients is ‘high touch’ with each client supported by a senior relationship manager and an expert team. Client’s have the opportunity to engage in more meaningful dialogue than ever before to discuss their investment needs from structuring, superannuation and estate planning, to business succession planning.

Mr Hondros added: “Commonwealth Private Office is forward thinking in its approach to coordinate the expertise it has across all business areas to provide the best investment and finance advice solutions to clients. The vast resources and talent available to Commonwealth Private Office clients is unparalleled in Australia given the backing we enjoy from the CBA Group.

“As part of this, I am pleased to announce that Ralf Haase will head Commonwealth Private Office.

“Ralf brings extensive global wealth management experience and a focus on relationship based advice that will help drive the growth of Commonwealth Private Office.

“Commonwealth Private Office is focussed on providing ultra high net worth clients with unique and innovative wealth creation opportunities, and I am confident that Ralf will deliver on expectations” Mr Hondros said.

Ralf Haase, Head of Commonwealth Private Office said: “I am proud to be leading 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.

“I see a lot of potential for growth in Commonwealth Private Office, capitalising on our holistic advisory approach,” Mr Haase said.

Ralf brings to the role more than 20 years of banking and financial services experience. Most recently, Ralf spent four years as a Associate Director at Macquarie Private Bank.

Prior to that he spent 14 years at Goldman Sachs where he managed the Private Wealth Management division in Germany and prior to that in London where he worked across a variety of roles in investment banking, equity capital markets and institutional equities.


ENDS


For further information please contact:

Steve Batten
Commonwealth Bank
Phone: (02) 9117 7050
Email: steve.batten@cba.com.au

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