Australia-based Colonial First State is rebranding and revamping its global operations in a bid to b...
Australia-based Colonial First State is rebranding and revamping its global operations in a bid to become one of hottest new names in investment.
Colonial will drop its "British Imperialism" routes (except in Australia) to become First State Investments, in the first step of the firm's rebranding drive and global expansion plans, says Phil Jefferson, head of sales for UK and Europe.
Legal proceedings to change the company name were completed last week, however, the "domino" of details about the improved venture are unlikely to be revealed until September, when many financial services companies resume normal operation, adds Jefferson.
Registration is currently being sought in seven European countries alongside Colonial's existing UK presence, says Jefferson, with plans to push new sales first in Germany and Austria.
Secrets learned from the Australian technology market - which is said by some people to be three years ahead of the UK fund supermarket and technology sector - will also play an important part of First State's improved European position, according to Jefferson, as well as its substantial new range of investment options.
"In August last year, we were no.24 in the league tables in terms of assets under management, which is a long way down the chain if you want to be a big player. We are conscious of that, but we are also aware that the UK market is particularly adept at looking around the corner to see which firms are coming next at a great rate of knots. We might not be as far down the road as New Star at the moment, but we know the market is interested and we have the capability to bring to the UK market aspects of technology which have not even been seen here," says Jefferson.
First set up in 1988, Colonial now has assets under management of around A$39bn (£14.4bn) to March 31, 2001, with a presence in Australia, the Far East, UK and US.
IFAs will be informed over the next two months about some of First State's plans through 'teaser' mailings, adds Jefferson.
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