One-quarter of Colonial First State
Global Asset Management’s assets under management were sourced outside Australia
at the end of the first quarter, but so was 40 per cent of total revenue and CEO
Mark Lazberger thinks this proportion will increase.

That expectation helped drive
the recent restructuring of the firm along regional lines, with Michael
Stapleton becoming head of combined Asian and Japanese businesses, and former
Russell client service chief Joanna Davison bouncing back from retrenchment to
get the big role running CFS GAM’s Australia
and New Zealand
operations.

The subsequent appointment of Gary Withers to run the new
combination of Europe, Middle East and Africa also
resulted from a corporate action – Withers was head of Credit Suisse’s Global
Investors business before its sale to Aberdeen
Asset Management.

Neil Cochrane, Lazberger’s deputy under the old structure who
announced his retirement in Fenruary, will remain in several non-executive
roles including sitting on CFS GAM’s property and infrastructure advisory
groups. He is widely tipped to join the board of an industry fund, although it’s
unlikely to be REST given his previous role as CEO there.