CFS promotes Krig to head private wealth
Colonial First State (CFS) announced leadership changes, promoting Michelle Krig to the newly established role of head of private wealth, while Bryce Quirk, distribution group executive, will depart in December after nearly eight years with the firm.
Krig joined CFS in 2023 as director for NSW. She previously worked at AMP Capital and in wealth management at Macquarie. Her new role involves developing CFS’s private wealth growth strategy across platforms, managed accounts, administration services, and private markets.
CFS is building a new private wealth channel, targeting high-net-worth (HNW) individuals. The firm’s strategy is to support financial advisers who work with wealthy families, rather than servicing those families directly.
“[Krig]’s appointment reflects the next stage of growth for CFS Edge and our ambition to build a stronger presence in the high-net-worth and ultra-high-net-worth segments,” a CFS spokesperson said. The firm already has executives overseeing private markets and investments, but the head of private wealth role is a new position focused on expanding CFS reach into the HNW and wholesale wealth segments.
CFS launched CFS Edge in 2023, an investment, superannuation, and pension wrap platform. It was built for financial advisers and their clients to manage wealth in a single administration system. The platform oversees international equities, currency management, family entity management, and reporting across different sleeves of capital.
“We’re now building on that foundation by extending into wholesale client offers, including non-custodial reporting, and continuing to enhance our managed account capability,” said CFS. Krig will lead the unit and report to Chris Mather, new business executive director at CFS.
Quirk, who joined the executive team in 2019, will depart at the end of the year. He was promoted to group executive for distribution in 2021. He also said, “I am looking forward to taking some time to refresh, before turning my attention to what is next.”
CFS is also planning to recruit a new head of NSW, describing the appointment process as “well underway.”
