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.