The U.S. Investment manager recruited from one of its rivals in appointing a head for its Australian business.
Matthew Harrison has been appointed as managing director of Franklin Templeton Investments Australia, effective 15 January 2018. In this role, based in Sydney, he will be responsible for leading the firm’s Australian and New Zealand business growth, overseeing the local distribution teams and developing business strategies. He will report to Mark Browning, managing director for Asia Pacific based in Singapore.
Harrison will join from Colonial First State (CFS) a subsidiary of Commonwealth Bank of Australia (CBA) where he currently holds the role of general manager, distribution. He first joined CFS in 2009 and was promoted to his most recent role in July 2014. He is set to replace current managing director, Maria Wilton, who will transition into a new role within the firm. A spokesperson for the firm confirmed the news to finews.asia.
Business For Sale
Colonial First State Global Asset Management, also known as First State Investments outside Australia, is undergoing a strategic review, with the possibility of a listing on the Australian Securities Exchange (ASX).
CBA said the review will consider a range of options, including an initial public offering, and is due to be completed by the end of the year. It has been estimated that, as a listed entity, the asset management company could be worth in excess of $4 billion Australian dollars.
