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Money Management

Colonial First State’s longtime CEO to leave at end of the year

Mark Lazberger, CEO of Colonial First State Global Asset Management for the past decade, will be leaving the firm, according to a company announcement.

A Colonial news release Thursday said Mark Steinberg, the firm's chief operating officer, will serve as acting CEO while a search is conducted to fill the role permanently.

A Colonial First State spokeswoman said Mr. Lazberger will leave the firm in December. Mr. Lazberger couldn't immediately be reached for comment.

The news release cited the rise in the money management firm's global presence during Mr. Lazberger's watch, noting that roughly 80% of its global revenues now are derived from international clients.

The spokeswoman couldn't immediately say what the percentage of revenues coming from international clients was at the time of Mr. Lazberger's appointment as CEO in June 2008.

The money manager has A$213 billion ($152.3 billion) in assets under management.