Top-ranked Australian fund manager Colonial First State has appointed a new chief executive, announcing that internal candidate Brian Bissak...

Top-ranked Australian fund manager Colonial First State has appointed a new chief executive, announcing that internal candidate Brian Bissaker has been promoted to the role. Mr Bissaker, who has been the CFS general manager of products and investment services since 2002, replaces John Pearce, who surprised the market earlier this month when he announced he was resigning to take a position with a – still un-named – financial services firm in Hong Kong. Mr Bissaker is believed to have edged out several other highly-qualified internal candidates for the chief executive role, including strategy executive Nicolette Rubinsztein and distribution manager Richard Nunn. CFS manages around A$100 billion and is the wealth management arm of the Commonwealth Bank. "Brian has extensive experience in the area of retail funds management and a demonstrated passion for the business," said Commonwealth Bank group executive for wealth management, Grahame Petersen. Prior to joining CFS, Mr Bissaker held senior roles at BT Funds Management and KPMG in Australia. In February 2005 CFS was restructured and split into separate investment management and distribution arms with Warwick Negus poached from boutique manager 452 Capital to head the newly-created Colonial First State Global Asset Management. The distribution arm, which Mr Bissaker now heads, operates the leading investment platform FirstChoice, which has doubled in terms of funds under administration over the last 18 months.