Wim Steemers, based in Sydney, will assume coverage of the large-cap financials sectors and will be an active contributor to stock selection in all Australian equities, said the firm in a statement. He takes up his new role on 18 November 2013.

Steemers was previously a senior research analyst at Macquarie Funds Group in Sydney, where he covered domestic banking, insurance and diversified financial stocks. He also served as a senior analyst at Bernstein Value Equities in New York and London and as a consultant for McKinsey & Company in Europe and the U.S.

The appointment is vital to the company, said Matthew Reynolds, head of Australian equities, core, especially with the financials sector currently accounting for around 40 per cent of the Australian share market. 

CFSGAM is the consolidated asset management division of Commonwealth Bank of Australia. As at 30 September 2013, the company records some $167 billion under management.