Shake-up at Colonial First State

The changes keep coming at Commonwealth Bank. Just a day after the bank lost its head of retail banking services, Ross McEwan, it confirmed a restructure in its wealth management division that will result in the departure of the chief executive of Colonial First State.

Investor Daily reported that CFS will be split into an advice business and a funds' administration business, with executive general managers running each business.

The chief executive role, held by Brian Bissaker since 2006, will be made redundant. Bissaker will leave the bank.

CFS is one of the arms of Commonwealth Bank's wealth management division.

Headed by Annabel Spring, who was appointed to the role last September, wealth management also includes the insurer CommInsure and Colonial First State Global Asset Management.