Commonwealth Bank of Australia (CBA) has confirmed plans to list Colonial First State Global Asset Management (CFSGAM), its asset management unit, following a strategic review.

CBA said that it weighed various factors such as shareholder value, clients’ interests, growth of the business, and retention of key staff, during the review that was launched in September 2017.

“While CFSGAM has achieved significant growth, scale and diversification under the current ownership structure, the strategic review determined that an independent ownership model would provide greater benefits,” the Australian lender noted.

The move, subject to relevant approvals, is expected to be wrapped up by the end of this year.

Multiple candidates have already agreed to join the board of the asset manager as independent non-executive directors ahead of the IPO.

The directors include John Mulcahy, who will serve as chairman, Susan Doyle, James Millar, Gail Pemberton and Richard Wastcoat. CBA may also approach other directors to join the board.

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Moreover, CFSGAM CEO Mark Lazberger will retain his existing role and will serve as an executive director of the board.

CFSGAM reported A$219bn ($170bn) in assets under management at the end of December 2017.