Colonial First State

An affiliate of KKR acquired a 55% controlling stake in November 2021, with CBA retaining a 45% minority interest (per the firm's announcement, November 2021). The Board operates independently, with Sally Herman appointed as the inaugural independent Chair in May 2024.

CFS operates primarily as a multi-manager, selecting and monitoring external fund managers across Australian and international equities, fixed income, property, and infrastructure. For select institutional mandates, the firm is building a direct-alignment private equity program that co-invests alongside external managers, moving closer to an own-and-operate model.

CFS sources private-market opportunities via its external multi-manager relationships and through direct co-investment arrangements with global institutional partners. The firm has publicly signaled intent to grow direct sourcing capabilities for large institutional clients, taking a governance-led approach similar to Canadian pension models.

FirstChoice is Colonial First State's flagship investment administration platform, aggregating over 500 managed funds, term deposits, and superannuation products into a single administration wrapper. It is primarily used by financial advisers and self-directed retail investors, with an advised channel representing the majority of assets.

Colonial First State maintains community-grant programs focused on financial literacy and Indigenous employment pathways. These are operated separately from investment mandates and governed through the firm's corporate foundation structure.

Unlike large industry super funds that predominantly manage direct-investment teams in-house, CFS has historically relied on a multi-manager approach. The firm's current build-out of direct-alignment private equity represents a convergence with industry-fund models, but from a retail-platform heritage — targeting advised clients and smaller institutional mandates rather than the mega-fund internal teams.

CFS Edge is a next-generation wealth-management platform launched for mid-to-high-net-worth advised clients. It supports managed accounts, direct equities, and structured products on modern technology architecture, representing the firm's post-separation product roadmap under KKR's ownership.