Colonial First State (CFS) still has two senior positions to fill following a recent round of executive reshuffling.
The promotion of Paul Barrett yesterday, to CFS general manager distribution, left his old job as head of the Financial Wisdom dealer group vacant. Similarly, the role of general manager product remains open, after Brian Bissaker moved from that position to CEO of the group two weeks ago. Bissaker replaced former CEO, John Pearce, who left to take up a senior role at a listed wealth management company in Hong Kong. Meanwhile, Barrett shifted into the spot left empty by his former boss, Richard Nunn, who moved across to run the private bank of CFS parent, the Commonwealth Bank of Australia. A spokesperson for CFS said a search is underway to fill the two top-level vacancies with a decision to be made within weeks. However, the spokesperson could not confirm whether external or internal appointments were more likely. Barrett will take up his new position as CFS general manager distribution on December 29 this year when the incumbent, Nunn, departs. In a statement released yesterday Bissaker said “We thank Richard for his leadership and significant contribution over the last three years and we will miss Richard’s presence at the Colonial First State management team.”
The brunt of losses from the LA wildfires are expected to be borne by primary insurers and high-risk reinsurance programs, but super funds are nevertheless closely monitoring the possible impact of the fires on catastrophe bond and insurance-linked securities exposures.
Simon HoyleJanuary 17, 2025
