Decades of experience and some of Australia’s most respected financial minds, working for you.
A proven track record in unpredictable market conditions
Financial markets are unpredictable by nature. Who you choose to manage your investments matters.
The CFS investments team brings decades of Australian and international experience to the portfolios we manage. We’ve steered portfolios through the peaks and troughs of many market cycles – including the Wall Street crash, global financial crisis and COVID pandemic.
We combine our in‑house expertise with world-class fund managers who are specialists in their fields, building diversified portfolios designed to meet a range of investor needs.
CFS investment philosophy
Our investments team is responsible for building and managing 80+ CFS investment options across a range of strategies, asset classes and managers.
How we invest for our members is guided by our investment philosophy. Long‑term performance is our priority, delivered through active management, strong governance and a socially responsible investment framework.
Active management of investments
To enhance returns and capitalise on opportunities.
Active management of risk
To protect your money
Diverse asset allocation
To deliver robust investment outcomes in a dynamic market.
Socially responsible investment framework
To deliver sustainable outcomes for our members.
Learn more about our responsible investing with CFS.
Meet the team
Jonathan Armitage
- Chief Investment Officer
Jonathan Armitage
- Chief Investment Officer
Jonathan is a highly regarded investment executive with nearly 30 years of global experience, having worked in Australia, the United Kingdom and United States. He has a strong reputation as a leader in asset management. Most recently, he was the Chief Investment Officer and General Manager of Asset Management at MLC. Prior to that, Jonathan spent 20 years at Schroders, where he held roles including Head of US Equities and Deputy Head of Global Equities.
Benjamin Lam
- Head of Equities
Benjamin Lam
- Head of Equities
Ben joined the CFS Investment team in May 2016, and was a Senior Analyst in the Investment and Research Governance team at BT prior to joining CFS. From 2007 to 2015, he was a consultant and manager researcher at Mercer Investments. In his role at Mercer, Ben had dual responsibilities as an investment consultant and member of the Real Estate boutique as lead researcher for Australian direct property, back-up researcher for REITs and consultant to clients on their property portfolios.
John Iles
- Head of Cash and Derivatives
John Iles
- Head of Cash and Derivatives
John brings 20 years of global investing experience to CFS. Prior to joining the business, he worked as a Portfolio Manager at AustralianSuper for six years implementing investing decisions in the equity asset class. He also worked in the Global Equity and Quant Team at UniSuper for eight years managing an internal global equity portfolio. John started his career in boutique fixed income asset management companies in London before moving to New Zealand and converting to equities.
Al Clark
- Head of Investments
Al Clark
- Head of Investments
Al has over 25 years of experience investing in diversified funds, having constructed and managed multi-asset portfolios for institutional and retail clients since the 1990s. Prior to joining CFS, Al was Head of Investments at MLC Asset Management. His global experience includes Head of Multi-Asset, Asia for Schroders in Singapore and Global Head of Multi-Asset for Nikko in Tokyo. Al has also worked in asset management for local firms including BT and Macquarie.
Guneet Rana
- Head of Responsible Investment
Guneet Rana
- Head of Responsible Investment
Guneet previously served as a Senior Investment Manager for CFS’s alternatives portfolio, where she undertook manager research, worked on portfolio construction, and contributed to research across a range of other asset classes. Prior to CFS, Guneet was a senior investment manager at ipac. She was also previously involved in setting up AXA multi-manager portfolios for the Mandatory Provident Fund market in Hong Kong.
Karen Fox
- Head of Investment Services
Karen Fox
- Head of Investment Services
Karen has over 25 years of experience in corporate finance, unlisted infrastructure and funds management. Prior to joining CFS in 2014, she worked at BT Investment Management launching fixed income products and was an investment analyst in the private equity teams at Sydney Capital Partners and Lazard. Her earlier experience includes working in the Perpetual group strategy team and was a portfolio manager in its unlisted infrastructure team. Karen has also worked as an analyst and associate in the Sydney M&A team at Salomon Smith Barney. She started her career at the New Zealand Treasury in the Debt Management Office responsible for credit risk policy.
Robert Graham Smith
- Head of Fixed Income and Alternatives
Robert Graham Smith
- Head of Fixed Income and Alternatives
Robert has over 25 years’ investment experience. He joined CFS in February 2021 as investment manager for our alternatives portfolio, responsible for research and portfolio construction for alternatives and contributing to research for other asset classes. Before joining CFS, Robert was a senior investment analyst at Mine Super, covering liquid alternatives, property and fixed income/credit. Before this he was a senior analyst / portfolio manager in the multi-manager team at Perpetual Investments, and has also worked in London for Deutsche Bank and KPMG.
Vyas Balasubramanian
- Head of Investment Risk
Vyas Balasubramanian
- Head of Investment Risk
Prior to joining CFS, Vyas worked at MLC as a Senior Risk Partner within the Asset Management division. Before that, Vyas set up a quantitative hedge fund At RF Capital, the private family office of the Roberts family (Multiplex founders). He was also responsible for research and trading, and covered asset allocation for the family’s investments. Vyas has also worked at UBS Investment Bank in the equities research division as a quantitative analyst.
Chloé Brayne
- Head of Private Equity and Unlisted Assets
Chloé Brayne
- Head of Private Equity and Unlisted Assets
Chloé is Head of Private Equity & Unlisted Assets at Colonial First State, where she oversees the CFS unlisted assets program. She has 18 years’ experience across investing, mergers and acquisitions, and asset governance, having held senior roles at Caisse de dépôt et placement du Québec (La Caisse) and AustralianSuper. Earlier in her career, Chloé spent six years in Paris working with a global infrastructure contractor, focused on PPP bid development, execution, and delivery across Northern Europe. Her expertise spans private markets portfolio construction, manager selection, and co‑investment, alongside applying rigorous strategic, financial, and governance discipline to complex asset management challenges. Chloé is also an experienced company director and has served on the boards of WestConnex, Plenary, Port of Brisbane, Sydney Metro, and Transurban Queensland.
Ritesh Prasad
- Investment Manager
Ritesh Prasad
- Investment Manager
Ritesh has close to 20 years of investment experience across MLC, Russell Investments and CFSGAM (specifically Igneo). He joined CFS in 2024 and leads the design and management of our multi-asset SMAs. In addition to his investment expertise, Ritesh brings a strong interest in the role of behavioural finance and the importance of client communication in delivering client outcomes. Ritesh is passionate about helping advisers implement timely, outcome-driven portfolio solutions that align with client goals.
Leroy Qian
- Investment Manager
Leroy Qian
- Investment Manager
Leroy leads the research of investment managers and portfolio construction for the CFS Emerging Markets, Property Securities (Australian and Global) and Global Infrastructure Securities portfolios.
Leroy joined the Graduate program of the Commonwealth Bank Group in 2012 and then the CFS Investment team in 2013.
Leroy holds a Bachelor of Actuarial Studies with first class honours degree in Economics from Macquarie University.
Will Fitzpatrick
- Investment Director, Unlisted Assets & Private Equity
Will Fitzpatrick
- Investment Director, Unlisted Assets & Private Equity
Will Fitzpatrick is an Investment Director in Unlisted Assets and Private Equity at Colonial First State. In this role, he is responsible for overseeing private market investment activity, drawing on deep experience across real assets, private equity, capital markets and institutional investing.
Will brings 16 years’ experience across investing, capital raising and mergers and acquisitions, including senior coverage positions at Goldman Sachs as well as roles at Macquarie Capital in Australia and North America. Will also previously held a senior role at Assemble, a specialist developer working with institutional investors, community housing providers and government stakeholders to fund, develop and operate mixed tenure housing. Will’s experience covers the full private markets lifecycle with a strong focus on co-investment and direct asset ownership.
Will holds a Master of Finance – Investment Banking from INSEAD and a Bachelor of Commerce and Bachelor of Arts from the University of Melbourne.
Chetan Soorkea
- Assistant Portfolio Manager
Chetan Soorkea
- Assistant Portfolio Manager
Chetan supports the portfolio management of CFS multi-asset funds and separately managed accounts (SMAs) portfolios. His responsibilities include undertaking asset allocation research, portfolio analytics and providing insights on manager selection. Prior to joining CFS, Chetan gained institutional investment consulting experience at Willis Towers Watson.
Ernest Kwok
- Assistant Portfolio Manager
Ernest Kwok
- Assistant Portfolio Manager
Ernest has over 10 years of experience in the investment industry and supports the portfolio management of CFS’s multi‑asset funds, with a particular focus on the CFS Enhanced Index and Builder series. His responsibilities include undertaking asset allocation research, performing portfolio analytics and providing insights on manager selection to support robust investment outcomes. Ernest joined CFS in 2016 after starting his career at the Commonwealth Bank of Australia, where he gained experience across Audit, First Sentier Investors (previously known as Colonial First State Global Asset Management), Wealth Strategy and Investment Development.
Christopher Ching
- Multi Asset Investment Specialist
Christopher Ching
- Multi Asset Investment Specialist
Chris is a Multi‑Asset Investment Specialist at Colonial First State with 15 years of experience in the funds management industry. His role is to act as a conduit between Distribution and the Investment team to promote CFS’ multi‑asset capabilities.
Prior to joining CFS in December 2025, Chris was an Investment Specialist at MA Financial, supporting the promotion of alternative and equity strategies across the Asia Pacific market. Earlier in his career, he held distribution and specialist roles at Aberdeen across Hong Kong, Shanghai, and Sydney, covering both domestic and global equity strategies.
Fiona Harding-Jones
- Senior Manager, Responsible Investment
Fiona Harding-Jones
- Senior Manager, Responsible Investment
Fiona has over 25 years of investment experience having previously worked as a Senior Investment Analyst responsible for fund manager research and portfolio construction across multi-manager equity portfolios. Her responsibilities have also included several specific projects to improve efficient portfolio implementation through initiatives such as minimising the cost of FX trading. Prior to joining CFS, Fiona worked as a quantitative analyst at BT Funds management and as a senior consultant at Barra (MSCI) in London supporting their risk models for Fund Management clients.
Caroline Paterson
- Senior Manager, Responsible Investment
Caroline Paterson
- Senior Manager, Responsible Investment
Caroline has over 25 years of investment experience ranging from performance reporting, investment analysis and reporting to her current role covering the development and implementation of the responsible investment strategy.
She holds a Bachelor of Science (Economics) honours degree from the London School of Economics, University of London, as well as a Graduate Diploma in Applied Finance and Investment from the Financial Services Institute of Australia and the PRI Academy Foundations in Responsible Investment.
Rebecca David
- Senior Manager, Investment Services
Rebecca David
- Senior Manager, Investment Services
Rebecca has over 20 years of experience in investment operations, transitions, product oversight, and strategic portfolio support. She plays a crucial role in CFS Investments, managing relationships with external managers and contributing to strategy transitions and governance initiatives. Recognised with the Living the Purpose award at the CFS CEO Awards in 2024, Rebecca's expertise was pivotal during a major portfolio transformation. Prior to joining CFS in 2017, She was a Transition Manager at BNP Paribas and spent 17 years at AMP Capital.
Ramali De Zoysa
- Associate, Private Markets
Ramali De Zoysa
- Associate, Private Markets
Ramali is an Associate in the Private Markets team at CFS, responsible for manager selection, co-investments, and direct opportunities across Private Equity, Real Estate, and Infrastructure. She previously worked as a Senior Investment Analyst, focusing on Fixed Interest, Private Debt, and Alternatives.
Prior to CFS, Ramali was at AMP Capital where she gained experience across Equities, Listed Real Estate, Fixed Interest, Credit, and Investment Risk.
Ramali holds a Bachelor of Commerce (Economics and Finance) from the University of Sydney and is a CFA charterholder.
Susan Bu
- Senior Investment Analyst
Susan Bu
- Senior Investment Analyst
Susan joined Colonial First State Investments in August 2022 and is a Senior Investment Analyst. She is responsible for undertaking investment research and analysis and providing support across the CFS Index Multi‑Sector portfolios.
Prior to joining CFS, Susan was an Associate Product Manager at Morgan Stanley and previously worked as a Derivatives Analyst at State Street.
Susan holds a Bachelor of Finance and Accounting and a Master of Finance from the University of New South Wales and is a CFA charterholder.
Edward Given
- Senior Investment Analyst
Edward Given
- Senior Investment Analyst
Edward supports the portfolio management of CFS fixed income and alternatives portfolios. His responsibilities include undertaking fund manager research, portfolio construction and portfolio analytics. Edward started working at CFS in 2015 and has been part of the Investments team since 2019. Edward holds a Bachelor of Accounting from the University of South Australia
Lachlan Fisher
- Senior Analyst, Cash Management and Derivatives
Lachlan Fisher
- Senior Analyst, Cash Management and Derivatives
Lachlan supports portfolio construction and implementation across cash, FX hedging and derivatives overlay mandates. He has been with CFS for six years, with experience in the Investment Services team prior to his current role. He holds a Bachelor of Business from the University of Technology Sydney.
Samuel Dixon
- Analyst, Cash Management and Derivatives
Samuel Dixon
- Analyst, Cash Management and Derivatives
Samuel has over 3 years of combined experience in investing and financial consulting. Prior to joining CFS, he graduated from the University of Sydney with a Bachelor’s Degree in Political, Economic and Social Sciences (Economics). Samuel began his tenure at CFS in the Investor and Adviser Services teams before transitioning to a financial consultant role. Samuel joined the CFS Investments Team in November 2024 as an Analyst and continues to support the team in portfolio construction and implementation across multiple asset classes.
Aden Rundle
- Analyst, Responsible Investment
Aden Rundle
- Analyst, Responsible Investment
Aden supports the Responsible Investment team in the integration of ESG and Climate factors across CFS FirstChoice platform. Aden has worked at CFS for 3 years having previously held a career in financial advice. He holds a Bachelor of Commerce and Master of Financial Planning.
Fiona Fang
- Investment Risk Analyst
Fiona Fang
- Investment Risk Analyst
Fiona Fang joined Colonial First State Investments in January 2024 as an Investment Risk Analyst, specialising in portfolio risk analysis, quantitative research, and the development of analytical tools to support the investment team. She previously managed the Asset Pricing team within CFS Funds Services and has prior experience at Macquarie Bank. Fiona holds a Master of Financial Analysis from the University of New South Wales.
Matthew Wasson
- Analyst, Investment Services
Matthew Wasson
- Analyst, Investment Services
Matthew joined Colonial First State in 2021 and spent two years in insurance before transitioning to Investment Services. He holds a Bachelor of Mathematics from Macquarie University and is a CFA Program candidate. As an Investment Analyst, he contributes to investment strategy implementation and portfolio operations, focusing on manager oversight, regulatory compliance, and supporting the legal documentation that underpins ongoing investment management.
Mark Shooter
- Analyst, Investment Services
Mark Shooter
- Analyst, Investment Services
Mark has over 6 years’ investment industry experience and was a Financial Consultant prior to joining the CFS Investments team in 2024. As an Analyst within Investment Services, Mark implements and amends Investment Management Agreements, assists Manager transitions and liaises directly with Investment Managers for disclosure and regulatory requirements.
Leo Guo
- Investment Risk Analyst
Leo Guo
- Investment Risk Analyst
Leo is an Investment Data Analyst in the Investment Risk team at CFS, responsible for reporting automation, quantitative analytics, and building AI capabilities and applications across the broader Investments team.
Prior to CFS, Leo was a Data Scientist at the ASX, where he was responsible for building data and analytics products with a focus on the Australian debt market, including bonds, money market, repo, and triparty.
Leo holds a Bachelor of Commerce / Bachelor of Advanced Studies (Data Science) with First Class Honours in Data Science from the University of Sydney.
Nick Spencer
- Investment Analyst
Nick Spencer
- Investment Analyst
Nick is an Investment Analyst in the Private Markets team at Colonial First State, supporting investment opportunities across unlisted property, infrastructure and private equity.
Nick joined CFS through the graduate program in February 2025, rotating across Investments, Distribution, Customer Service and Strategy before transitioning into the Private Markets team.
Prior to CFS, Nick gained broad experience across equity research, financial markets and journalism, comprising roles in equities sales, investment research, editorial writing and current affairs reporting.
Nick holds a Bachelor of Economics (BEc) from the University of Technology Sydney (UTS).
Kate Lee
- Investment Analyst
Kate Lee
- Investment Analyst
Kate supports the portfolio management and analysis of CFS fixed income and alternatives portfolios. Her responsibilities include fund manager research, portfolio analytics, and supporting portfolio construction and implementation. Kate joined CFS as a Graduate in 2025 and is currently an Investment Analyst within the Investments team.
Kate holds a Bachelor of Data Science (majoring in Quantitative Data Science) and a Master of Actuarial Studies (Extension) from the University of New South Wales.
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Important information
¹ CFS Lifestage 1965-69 (balanced) and CFS Lifestage 1975-79 (growth) in FirstChoice Wholesale Personal Super outperformed the balanced and growth medians in the independently researched SuperRatings Fund Crediting Rate Survey, as at December 2025. Returns are calculated after investment fees and costs, transaction costs and investment taxes, but before administration fees are deducted.
The super fund median returns of the balanced and growth options are from the SuperRatings Fund Crediting Rate Survey. SuperRatings classify growth options as 77%-90% growth assets and balanced options as 60%-76% growth assets.
Disclaimer
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.