Commonwealth Bank of Australia (CBA) is reviewing options for its retail financial advice arm CommSec Advisory.
According to media sources, Ord Minnett, Shaw and Partners and Morgan Stanley Wealth Management have been asked to tender for the business.
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CommSec Advisory is said to have over $4bn in funds under advice.
Part of CommSec, the unit is separate from CommSec Adviser Services (CAS) that offers investment services to financial planners and accountants.
A CBA spokesperson was quoted as saying by media sources: “As part of our focus on becoming a simpler, better bank, we are currently reviewing a number of options for CommSec’s retail financial advice business, CommSec Advisory, including a possible sale.
“As this process is incomplete, it would be inappropriate for us to comment any further at this time.”
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By GlobalDataThe latest decision comes shortly after CBA’s announcement to sell its advice unit Count Financial to CountPlus.
Moreover, CBA eventually intends to sell its 35.85% stake in CountPlus.
CBA has been working on overhauling its wealth operations. Last June, the bank unveiled plans to demerge its wealth management and mortgage broking business.
Later in 2018, the bank agreed to offload its global asset management unit Colonial First State Global Asset Management to Japan’s Mitsubishi UFJ Trust and Banking for A$4.13bn ($2.8bn).
