Colonial First State chief executive, Brian Bissaker will be leaving the Group following an internal review.
In announcing the move, group executive, wealth management, Annabel Spring said changes to the business were due to regulatory impacts, the acquisition of Count Financial, continued growth of the advice business and an increased focus on growth of the CFS platform business.
"I have decided to separate the Advice and CFS businesses and have both of these important leadership roles report directly to me and be part of the Wealth Management Leadership Team," said Spring.
Marianne Perkovic, currently general manager of distribution at CFS and former chief executive officer of Count Financial prior to its purchase by CBA, will lead the Advice businesses, including Count as executive general manager, Advice.
Linda Elkins, general manager, marketing and distribution will additionally assume interim responsibility for the remaining Colonial First State business units while an internal and external search is conducted for the head of Colonial role.
Bissaker was appointed chief executive in 2006 after four years with Colonial First State.
"I would like to thank Brian for his substantial contribution to Colonial First State over the past 10 years, including the development of a very strong team, reaching number one in satisfaction and attaining $59 billion in platform funds, which is a significant achievement in the markets in which we operate," said Spring.