Brian Bissaker, Colonial First State’s chief executive, has been “made redundant” after a decade of service at the $59-billion asset manager.

“I have decided to separate the advice and Colonial First State businesses, and have both of these leadership roles report directly to me,” says Annabel Spring, group executive of wealth management at Colonial’s parent Commonwealth Bank of Australia, in a statement.

Colonial declined to comment further on the departure of Bissaker, who joined the company in 2002 and was appointed CEO in 2006.

Marianne Perkovic, who worked at Count Financial for 11 years before the Commonwealth Bank takeover, will lead the advice business.

Commonwealth Bank is searching internally and externally for a replacement to lead Colonial.

Linda Elkins will continue to be responsible for distribution and marketing, and have responsibility on an interim basis for the remaining Colonial business units.