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June 21, 2019

Commonwealth Bank of Australia weighs sale of CommSec Advisory

Commonwealth Bank of Australia (CBA) is reviewing options for its retail financial advice arm CommSec Advisory.

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According to media sources, Ord Minnett, Shaw and Partners and Morgan Stanley Wealth Management have been asked to tender for the business.

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.”

The 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).

 

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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