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Colonial First State

PRI reporting framework 2020

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Basic information

OO 01. Signatory category and services

01.1. Select the services and funds you offer

Select the services and funds you offer
% of asset under management (AUM) in ranges
Fund management
Fund of funds, manager of managers, sub-advised products
Other
Total 100%

Further options (may be selected in addition to the above)

01.2. Additional information. [Optional]

Colonial First State Investments Limited (CFSIL) is an Australian Registrable Superannuation Entity Trustee (RSE Trustee) and Responsible Entity (RE) that provides a range of investment, superannuation and retirement products to individuals and corporate superannuation solutions to employers in Australia. We have over 1 million members, administer over AUD$116 billion and are the largest provider of private pensions in Australia.

CFSIL as a RSE and RE offers investment, superannuation and retirement products. These products have a range of investment options to offer choice and to cater to the needs of individuals. The time horizon of the investment options are aligned to the risk return objectives of the individual options. However, with the purpose of superannuation in Australia being to invest and generate income for retirement, the time horizon is long term.

The different investment options provided by CFSIL ensure that they incorporate the needs of members of various risk profiles. The governance structure ensures that options are managed in member’s best interest, considering investment returns and risk as well as the fees and other costs incurred by the member. CFSIL is not an Investment Manager and does not manage any monies internally. It has a sub advisory relationship with Investment managers, each governed through a bilateral Investment Management Agreement with CFSIL.

CFSIL employs a specialist investment team that is responsible for the investment decisions of the default investment option offered by CFSIL under the APRA regulated MySuper regime. These decisions include the determination of strategic asset allocation, sector strategy and investment manager selection. The investment decisions are governed by the Board delegated Investment Committee that has an Independent non-Executive Chair and two other Independent non-Executive directors

CFSIL has a majority-independent board. The CFSIL Board comprises of an Independent Non-Executive Chair, three Independent Non-Executive Directors, and one non-Independent Non-Executive Director. The Board operates three Independent Non-Executive Director-chaired sub-committees: the Board Investment Committee, the Member Outcomes Committee, and the Board Audit and Risk Committee, to whom management presents various strategic, product, risk and investment recommendations. The Board and associated Committees have oversight of and approval rights for all strategic, risk, product, investment and outsourcing decisions as well as executive management appointment.


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

Australia

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

1244 FTE

02.4. Additional information. [Optional]

 

 


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]

Colonial First State Investments Limited, this signatory, is  a subsidiary of the Commonwealth Bank of Australia. . 

Colonial First State Investments Limited has distribution partnerships with Acadian, Milliman, Generation, Aspect, Baillie Gifford and Affirmative Investment Management but these are not subsidiaries of CFSIL.  All except for Milliman are signatories to PRI.

Across all of our funds over 3/4 of our managers are PRI signatories.
 


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Indicate the assets which are subject to an execution and/or advisory approach. Provide this figure based on the end of your reporting year

04.5. Additional information. [Optional]

We have expanded our reporting from last year so that it now covers all assets for which CFSIL is Responsible Entity. Please note another change from last year's report is the absence of any internally managed funds. Previously we reported Colonial First State Global Asset Management FUM as 'internal' due to them being a subsidiary of the Commonwealth Bank of Australia Group (as are we). However, in August 2019 they left the Group and rebranded as First Sentier Investments (a subsidiary of Mitsubishi UFJ Trust and Banking Corporation (MUTB) ).


OO 06. How would you like to disclose your asset class mix

06.1. Select how you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 >50% 58
Fixed income 0 0 10-50% 20
Private equity 0 0 0 0
Property 0 0 0 0
Infrastructure 0 0 <10% 1
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Fund of hedge funds 0 0 <10% 4
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 <10% 8
Money market instruments 0 0 0 0
Other (1), specify 0 0 <10% 9
Other (2), specify 0 0 0 0

`Other (1)` specified

          
        

06.2. Publish asset class mix as per attached image [Optional].

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

06.5. Indicate whether your organisation uses fiduciary managers.

06.6. Provide contextual information on your AUM asset class split. [Optional]

Our allocation to direct infrastructure is within our MySuper product and within the younger cohorts only. A small allocation in percentage terms it has grown to AUD$397.3 M since 2017 .

Within our listed equity allocation we include Australian and global equities, listed property securities and listed infrastructure securities.

 

 

 


OO 07. Fixed income AUM breakdown (Private)


OO 08. Segregated mandates or pooled funds (Private)


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

94 Developed Markets
6 Emerging Markets
0 Frontier Markets
0 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

 


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