Colonial First State
Colonial First State is an Australian superannuation and wealth management provider serving approximately 1 million active customers. It offers retirement, investment, and pension products through digital platforms, financial adviser networks, and corporate channels, managing AU$181 billion in assets.
- Company typePrivate
- Founded1990
- HeadquartersSydney, Australia
- Headcount1,001–5,000
- GTM typeB2C
- OfferingServices
What Colonial First State does
Colonial First State (CFS) is an Australian superannuation, investment, and retirement product provider headquartered in Sydney, serving approximately 1 million active customers and more than 3 million Australians over its 35-year operating history. The company manages AU$181 billion in assets under administration within Australia's AU$4.5 trillion pension system, offering accumulation-phase super, account-based pensions, transition-to-retirement products, self-directed investment platforms, SMSF support, and corporate default-fund arrangements for employers. Its core customer segments are individual Australians and licensed financial advisers, with a secondary footprint in corporate employer plans and SMSF trustees.
The product suite is structured around sub-brands including CFS Super (Lifestage options), CFS Edge and CFS Choice (digital and self-directed investment platforms), FirstChoice (a multi-sector platform providing access to over 200 investment options and 70+ fund managers), Thrive+ Sustainable Growth (ESG), and FirstRate Cash. Underlying technology infrastructure is provided through the FNZ Select premium tier of the FNZ wealth management platform and Oracle's AI-Powered Fusion Cloud Applications Suite for finance and HR operations, with an additional exploratory AI pilot run in partnership with Avanade. The CFS App extends the platform to mobile for 24/7 self-service. Investment capabilities are delivered in part through appointed fund managers including J.P. Morgan Asset Management and Wellington Management for global equity strategies.
The business model is fee-based and recurring: management and administration fees are charged on assets under management (for example, 0.20% p.a. administration on FirstChoice Wholesale Personal Super balances), with additional investment management fees layered on top. Distribution combines direct digital self-service, a financial adviser network, a phone-based contact centre (13 13 36), and employer corporate channels — all within Australia. The company is privately held under joint ownership by KKR & Co Inc. and Commonwealth Bank of Australia, with Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232468) acting as the primary responsible entity and Avanteos Investments Limited (AFSL 245531) serving as trustee.
Colonial First State firmographics
Firmographics- Name
- Colonial First State
- Legal name
- Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468
- Website
- https://www3.colonialfirststate.com.au
- Company type
- Private
- Founded year
- 1990
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Colonial First State is an Australian superannuation and wealth management provider serving approximately 1 million active customers. It offers retirement, investment, and pension products through digital platforms, financial adviser networks, and corporate channels, managing AU$181 billion in assets.
- Ownership category
- akta.pro rank
Colonial First State industry classification
Industry- Product category
- Superannuation and Wealth Management
- NAICS
- Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Other Financial Investment Activities (5239)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB)
Keywords
Where Colonial First State is headquartered
LocationHeadquarters
- HQ city
- Sydney
- HQ country
- Australia
- HQ region
- Oceania
Markets served
Colonial First State business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Management and Administration Fees: Fees charged based on assets under management (AUM) and administration services provided to superannuation members. Competitive admin fees of 0.20% p.a. for FirstChoice Wholesale Personal Super options on a $50,000 balance.
- Investment Management Fees: Fees earned from managing investment options within superannuation and pension products, including global equity strategies managed by appointed fund managers like J.P. Morgan Asset Management and Wellington Management.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | FirstChoice Wholesale Personal Super - 0.20% p.a. admin fee on $50,000 balance |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels4 records
Colonial First State product offering
Product offeringCore offering
Colonial First State provides superannuation, investment, and retirement products to individual Australians and corporate clients. Its core offering includes CFS Super with Lifestage options, the digital CFS Edge platform, FirstChoice multi-sector superannuation and pension platform, CFS Choice self-directed investment platform, Account-Based Pension products, sustainable growth options, and cash fund investments. The company also distributes through licensed financial advisers who use the platform to manage client portfolios, and offers corporate superannuation default arrangements for employers.
Product overview
Colonial First State offers an integrated superannuation, retirement, and investment platform ecosystem. The core offering includes CFS Super with Lifestage options for retirement savings, complemented by the digital CFS Edge platform. The FirstChoice multi-sector platform and CFS Choice self-directed investment platform provide access to over 200 investment options and 70+ fund managers. Retirement solutions include account-based pensions and transition to retirement options. Additional offerings include Thrive+ for sustainable growth investments, FirstRate Cash for cash management, and the CFS App for mobile account management. The company has partnered with FNZ for platform technology and has invested in Oracle's AI-powered cloud infrastructure to modernize operations.
Differentiator
Problem solved
Functional benefit
Brands
- CFS Super: Superannuation product for individual members
- CFS Edge
- CFS Choice
- FirstChoice
- FirstRate
Products and services
- CFS Super
Quantifiable outcome
- Mozo Experts Choice Award 2025 - Australia's best super fund
- +2 more outcomes
Companies that use Colonial First State
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Colonial First State technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability5 records
Feature3 records
Colonial First State partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- FNZcoreFNZ is a wealth management technology platform provider that powers Colonial First State's platform infrastructure. Colonial First State is a client of FNZ Select service, providing digital infrastructure for managing superannuation and investment products for nearly 1 million customers.
- J.P. Morgan Asset ManagementcoreJ.P. Morgan Asset Management (JPMAM) has been appointed by Colonial First State to manage two global equity strategies. This partnership provides customers access to JPMAM's institutional-quality global investment capabilities within Colonial First State's superannuation and pension products.
- Wellington ManagementcoreWellington Management serves as a third fund partner for Colonial First State, providing investment management expertise for global equity strategies. This partnership expands the range of investment options available to Colonial First State customers.
- OraclecoreColonial First State has invested in Oracle's AI-Powered Fusion Cloud Applications Suite. The AI-powered cloud applications are integrated into business operations for enhanced efficiency, decision-making, and automation across enterprise functions.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Colonial First State competitors and assessment
Company assessmentDirect peers
- Mercer Australia: Global consulting and wealth management firm with significant Australian superannuation administration and investment platform presence. Offers comparable accumulation, pension, and corporate super solutions.
- AustralianSuper: Australia's largest superannuation fund (~AU$300B+ AUM) with both accumulation and pension phase products, default fund status, and multi-channel distribution. Directly comparable product set and target market as Colonial First State.
- Australian Retirement Trust: Merger of Sunsuper and QSuper, creating one of Australia's largest super funds with ~AU$240B AUM. Offers accumulation, pension, and investment choice products comparable to CFS, with strong default fund positioning.
- MLC (NAB wealth): Wealth management arm of National Australia Bank providing superannuation, investment, and retirement products through MLC Super and MLC Investments. Direct competitor in advised super and platform space.
- AMP Limited: Major Australian wealth manager providing superannuation, pension, investment platforms (AMP North), and advice. Competes directly with CFS across retail super, advised platforms, and corporate super.
- Insignia Financial (formerly IOOF): Australian wealth management group offering superannuation, pension, investment platforms, and financial advice through MLC and IOOF brands. Direct competitor in advised super and platform services.
- BT Financial Group (Westpac): Wealth division of Westpac offering superannuation (BT Super), pension, and investment products. Direct competitor in retail and advised super market with similar platform and distribution structure.
- Rest Superannuation: Industry super fund with ~AU$80B AUM offering accumulation, pension, and advice services. Operates as a comparable super and investment platform with strong retail and advised channel presence.
- Hostplus: Industry super fund with ~AU$100B AUM providing accumulation, pension, and investment choice products. Competes directly with CFS in both retail and advised channels for super fund selection.
Emerging players
- Vanguard Australia: Low-cost investment and super provider with growing Australian super presence. Overlaps with CFS in investment choice and super products but competes primarily on low-fee positioning.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Colonial First State social profiles
Digital presenceColonial First State financial estimates
Financial estimateRevenue estimate
Valuation estimate
Colonial First State leadership team
Management profileNumber of profiles
Profiles1 record
Colonial First State subsidiaries and ownership
Company hierarchySubsidiaries2 records
Colonial First State funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Colonial First State M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Colonial First State
What does Colonial First State do?
Colonial First State provides superannuation, investment, and retirement products to individual Australians and corporate clients. Its core offering includes CFS Super with Lifestage options, the digital CFS Edge platform, FirstChoice multi-sector superannuation and pension platform, CFS Choice self-directed investment platform, Account-Based Pension products, sustainable growth options, and cash fund investments. The company also distributes through licensed financial advisers who use the platform to manage client portfolios, and offers corporate superannuation default arrangements for employers.
Is Colonial First State a public or private company?
Colonial First State is a private company. It is classified as private equity controlled and is currently operating.
When was Colonial First State founded?
Colonial First State was founded in 1990. It employs 1,001 to 5,000 people.
Where is Colonial First State based?
Colonial First State is headquartered in Sydney, Australia, in the Oceania region.
How does Colonial First State make money?
Two revenue lines are on record. Management and Administration Fees are the primary driver. The others are investment Management Fees.
Who are Colonial First State's main competitors?
Direct peers on record are Mercer Australia, AustralianSuper, Australian Retirement Trust, MLC (NAB wealth), AMP Limited, Insignia Financial (formerly IOOF), BT Financial Group (Westpac), Rest Superannuation and Hostplus. Vanguard Australia is listed as an emerging player.
Does Colonial First State have an API?
No public API is recorded for Colonial First State.
What industry is Colonial First State in?
Colonial First State's product category is Superannuation and Wealth Management. Its primary akta.pro industry code is FSAAAGAB, Pension Master Trusts, Superannuation & Provident Funds. Its NAICS code is 523940 and its SIC code is 6282.