An internal restructuring effort at Australian wealth manager Colonial First State will see the departure of its chief executive this month.

The position of Brian Bissaker, CEO since 2006, was made redundant following a restructuring effort that will separate the company's advice and CFS businesses. As a result, two new roles were created: executive general manager of advice and executive general manager of Colonial First State. Bissaker has been part of the Commonwealth Bank Group, parent firm of CFS, since 2002. It is not known where he will be moving as of this writing.

In the interim, Linda Elkins, marketing and distribution general manager, will take over the remaining CFS business units, covering client services, custom solutions, funding and alliances, product and channel development and strategy and fund services, in addition to her current role. Elkins will also become CFS executive general manager while the company is looking for an official hire. The advice business will be led by Marianne Perkovic, CFS distribution general manager.

Colonial First State has around A$90 billion under management.