First Sentier shutters four investment teams, returns A$14b
Former Commonwealth Bank wealth management arm has lost clients to consolidation in superannuation industry and the move to internalise investment functions at big super funds.
Once the biggest bond manager in Australia, First Sentier will be closing its Australian fixed income and global credit teams.
The Sydney-headquartered fund manager First Sentier is shutting down four of its investment teams and returning A$14 billion ($15.28b) to clients representing about 5.8% of its A$237.6b assets under management.
Its Australian fixed income and global credit teams were once the biggest bond managers
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