Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 323

CFSGAM rebrands to First Sentier Investors

From the time it was the tiny First State Fund Managers in 1988 (it reached its first billion in 1991) within State Bank of NSW, until shortly after the purchase of Colonial by CBA in 2002, Chris Cuffe and his colleagues built a wealth management powerhouse. A few years after Chris left, Colonial First State was divided in two: the retail platform and distribution business and the funds management business.

The latter was called Colonial First State Global Asset Management (CFSGAM), and CBA completed the sale for $4.1 billion last month to Mitsubishi UFJ Trust and Banking Corporation (MUFG).   

The retail business of Colonial First State (CFS) remains within CBA, with plans for its divestment put on hold following the problems with financial advice. 

The need for a complete rebrand

Under new owners and signifying both the end of an era and a complete fresh start, CFSGAM has announced the rebrand to First Sentier Investors (First Sentier).

First Sentier will operate as a standalone business governed by a Board of Directors with assets under management of $223 billion as at 30 June 2019. Its clients extend globally across Asia, Australasia, Europe and North America.

Outside Australia, the business was known as First State Investments or FSI. It gives a hint to the choice of the 'Sentier' name, given the value of retaining the FSI identity in some markets. CFSGAM made most of its revenue overseas due to the higher-fee funds, although asset levels are higher in Australia. 

First Sentier CEO Mark Steinberg said the rebrand represents a coming of age.

“We want to come together under one global brand name for the interests of our clients and our employees, and we want a name that allows the business to maintain a link to our origins, while also signalling our vision for the future. We are a global business and we require a global brand name.

“The word ‘First’ provides a link to our heritage, and ‘Sentier’ is a word of French origin meaning ‘path’. Our new brand name reflects our commitment to follow our own path, investing responsibly to create a better future for our clients, employees and the communities in which we invest,” he added.

Stewart Investors, FSSA Investment Managers and Realindex teams will operate under their current brand names.

In Sydney, the rebrand coincides with the business’ physical separation from CBA’s Darling Park building as it relocates to Tower Three, International Towers in Barangaroo, a 5-star NABERS Energy Base Building with a 6-Star Green rating. It aligns to First Sentier’s Responsible Investment and business principles.

Other elements of the separation

MUFG operates a substantial wealth management business in Japan, and although owning First Sentier now gives it a global footprint, the new business will comprise only about 20% of all MUFG's assets under management.

Through the close relationship with CFS, First Sentier funds are prominent on the FirstChoice and FirstWrap platforms, although for many years, arm's length negotiations have brought competitive fee tension. As well, First Sentier funds feature on many other retail platforms, and now begins the process of familiarising the market with the new name. The main empahsis will be into adviser and institutional channels, but the importance of retail branding is not underestimated. A series of videos featuring their senior fund managers appears under www.curiousfirst.com.au to assist in the new identification.

Previously, within the CBA Group, centralised services such as finance, legal, compliance and HR influenced management and decisions. The complete break allows First Sentier to take complete responsibility for these functions and forge an independent path.

Why 'Sentier'?

As part of the deal between CBA and MUFG, the 'Colonial First State' brand was retained by CBA and a new identity was required for the fund manager. In any case, the division between CFSGAM and CFS in Australia was confusing and a fresh name was welcome.  

Anyone who tries to rebrand a business and acquire the company name, url and trade mark soon finds out that many names in English are already taken (I was delighted when choosing the new name for Cuffelinks that Firstlinks was available because it was the name we wanted). 

Mark Steinberg says this encourages companies to look at other languages, and hence 'sentier' or path in French, signifying taking a unique pathway in its strategy. 

 


 

Leave a Comment:

banner

Most viewed in recent weeks

16 ASX stocks to buy and hold forever, updated

This time last year, I highlighted 16 ASX stocks that investors could own indefinitely. One year on, I look at whether there should be any changes to the list of stocks as well as which companies are worth buying now. 

UniSuper’s boss flags a potential correction ahead

The CIO of Australia’s fourth largest super fund by assets, John Pearce, suggests the odds favour a flat year for markets, with the possibility of a correction of 10% or more. However, he’ll use any dip as a buying opportunity.

2025-26 super thresholds – key changes and implications

The ABS recently released figures which are used to determine key superannuation rates and thresholds that will apply from 1 July 2025. This outlines the rates and thresholds that are changing and those that aren’t.  

Is Gen X ready for retirement?

With the arrival of the new year, the first members of ‘Generation X’ turned 60, marking the start of the MTV generation’s collective journey towards retirement. Are Gen Xers and our retirement system ready for the transition?

Why the $5.4 trillion wealth transfer is a generational tragedy

The intergenerational wealth transfer, largely driven by a housing boom, exacerbates economic inequality, stifles productivity, and impedes social mobility. Solutions lie in addressing the housing problem, not taxing wealth.

What Warren Buffett isn’t saying speaks volumes

Warren Buffett's annual shareholder letter has been fixture for avid investors for decades. In his latest letter, Buffett is reticent on many key topics, but his actions rather than words are sending clear signals to investors.

Latest Updates

Investing

Designing a life, with money to spare

Are you living your life by default or by design? It strikes me that many people are doing the former and living according to others’ expectations of them, leading to poor choices including with their finances.

Investment strategies

A closer look at defensive assets for turbulent times

After the recent market slump, it's a good time to brush up on the defensive asset classes – what they are, why hold them, and how they can both deliver on your goals and increase the reliability of your desired outcomes.

Financial planning

Are lifetime income streams the answer or just the easy way out?

Lately, there's been a push by Government for lifetime income streams as a solution to retirement income challenges. We run the numbers on these products to see whether they deliver on what they promise.

Shares

Is it time to buy the Big Four banks?

The stellar run of the major ASX banks last year left many investors scratching their heads. After a recent share price pullback, has value emerged in these banks, or is it best to steer clear of them?

Investment strategies

The useful role that subordinated debt can play in your portfolio

If you’re struggling to replace the hybrid exposure in your portfolio, you’re not alone. Subordinated debt is an option, and here is a guide on what it is and how it can fit into your investment mix.

Shares

Europe is back and small caps there offer significant opportunities

Trump’s moves on tariffs, defence, and Ukraine, have awoken European Governments after a decade of lethargy. European small cap manager, Alantra Asset Management, says it could herald a new era for the continent.

Shares

Lessons from the rise and fall of founder-led companies

Founder-led companies often attract investors due to leaders' personal stakes and long-term vision. But founder presence alone does not guarantee success, and the challenge is to identify which ones will succeed in the long term.

Sponsors

Alliances

© 2025 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.