Business Services Industry

CFS hit by another resignation.

Australasian Business Intelligence, November, 2002

Nov 18, 2002 (The Australian Financial Markets Newsletter - INSTO - ABIX via COMTEX) -- Colonial First State (CFS) has suffered a spate of high-profile departures in 2002. The latest CFS departee is equities portfolio manager, Barry Henderson. His resignation announcement led ratings group Morningstar to downgrade CFS's sector strength rating to neutral from very positive. Henderson, senior portfolio manager for the flagship small companies fund "Future Leaders", will depart in January 2003. Portfolio manager Graham Burke is slated as his replacement. Morningstar considers CFS's executive succession planning to be effective, but its retention policies seem unsuccessful. Other senior Commonwealth Bank of Australia (CBA) and CFS departures include Greg Perry, John Mulcahy...

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