First Sentier Group

First Sentier Group is an Australia-founded global asset-management organisation headquartered in Barangaroo, Sydney. The business traces its origins to First State Fund Managers, established in 1988 as a subsidiary of State Bank of New South Wales. Following a sequence of ownership and branding changes, it became part of Commonwealth Bank of Australia, was known as Colonial First State Global Asset Management in Australia and First State Investments in many international markets, and was acquired by Mitsubishi UFJ Trust and Banking Corporation in 2019. The group operates as a standalone investment-management business within the Mitsubishi UFJ Financial Group family. Its investment activities are organised around distinct affiliate teams rather than a single centrally managed product platform. These affiliates include First Sentier Investors, FSSA Investment Managers, Stewart Investors, Igneo Infrastructure Partners, RQI Investors and AlbaCore Capital Group. The teams retain substantial investment autonomy and apply their own philosophies, processes and portfolio-construction disciplines while operating within group-level governance and responsible-investment expectations. The investment scope spans global and regional equities, cash and fixed income, listed and direct infrastructure, listed property securities and alternative credit. The organisation serves institutional investors, intermediaries, financial advisers and other professional and wholesale clients through funds, mandates and other investment vehicles. Its geographic footprint covers the Asia-Pacific region, Europe and North America, with offices and investment capabilities distributed across those markets. Responsible investment has been a recurring element of the group’s public identity. The business became a signatory to the United Nations-supported Principles for Responsible Investment in 2007 and later established Global Stewardship Principles. It publishes responsible-investment and stewardship reporting and has presented long-term ownership, active engagement and sustainability integration as important parts of its investment approach. In 2022, the organisation achieved B Corp Certification, adding a formal social and environmental assessment framework to its corporate-responsibility profile. The brand architecture has continued to evolve. The business adopted the First Sentier Investors name in 2020, renamed its unlisted infrastructure capability Igneo Infrastructure Partners in 2022, formed a strategic partnership with AlbaCore Capital Group in 2023, and rebranded Realindex Investments as RQI Investors in 2024. In 2025, First Sentier Group Limited was established as the group holding company, with First Sentier Investors operating as one of the affiliated investment teams. The result is a multi-boutique asset manager combining a global corporate platform with specialist investment brands.

First Sentier Group originated in Australia in 1988, when State Bank of New South Wales established First State Fund Managers as an investment-management subsidiary. The business entered a new ownership phase after Colonial Mutual acquired the bank and incorporated it into the Colonial Group in 1994. In 2000, Commonwealth Bank of Australia acquired Colonial Group. The asset-management operation was subsequently branded Colonial First State Global Asset Management, commonly abbreviated as CFSGAM, while the First State Investments name was introduced for the business in 2005. During the 2000s, the organisation expanded its investment capabilities and began to formalise its responsible-investment commitments. It became a signatory to the United Nations-supported Principles for Responsible Investment in 2007. In 2008, it acquired a 50 percent interest in Realindex Investments, an Australian active quantitative global-equities manager. The group later took full ownership of Realindex, broadening its internal range of systematic and quantitatively oriented investment capabilities. The organisation continued to develop specialist investment identities during the following decade. First State Stewart Asia and Stewart Investors were established in 2015, supporting a distinct approach to long-term equity investing. The business also developed stewardship-related policies and reporting, including Global Stewardship Principles established in 2013. These initiatives helped position the firm around active ownership, long-term investment horizons and the consideration of environmental, social and governance factors. A major corporate transition occurred in 2019, when Mitsubishi UFJ Trust and Banking Corporation acquired the business from Commonwealth Bank of Australia. Mitsubishi UFJ Trust and Banking Corporation is wholly owned by Mitsubishi UFJ Financial Group. Following the acquisition, the organisation operated as a standalone global investment-management business within the broader MUFG group rather than as an asset-management division of an Australian banking group. In 2020, First State Investments adopted the First Sentier Investors name. The rebrand created a common international identity while preserving the specialist nature of the underlying investment teams. The group subsequently continued to operate across the Asia-Pacific region, Europe and North America, with its headquarters in Barangaroo, Sydney, on the land of the Gadigal people of the Eora Nation. The group’s multi-affiliate model became more explicit from 2022 onward. Its unlisted infrastructure team was renamed Igneo Infrastructure Partners, and the organisation achieved B Corp Certification. In 2023, First Sentier and AlbaCore Capital Group completed a strategic partnership. In 2024, the former Realindex Investments business was renamed RQI Investors. These changes reflected an emphasis on differentiated investment boutiques operating under a shared corporate structure. In 2025, First Sentier Group Limited was established as the group holding company. The resulting structure places First Sentier Investors alongside AlbaCore Capital Group, FSSA Investment Managers, Igneo Infrastructure Partners, RQI Investors and Stewart Investors as affiliated investment teams. Across these businesses, the group covers global and regional equities, cash and fixed income, listed and direct infrastructure, listed property securities and alternative credit. Its corporate identity combines global distribution and governance with investment autonomy at the affiliate level.

• 2025

  First Sentier Group holding company established

  [1]First Sentier Groupen.wikipedia.org

  First Sentier Group Limited was established as the group holding company.

• 2024

  Realindex becomes RQI Investors

  [1]First Sentier Groupen.wikipedia.org

  The quantitative investment affiliate was rebranded RQI Investors.

• 2023

  AlbaCore strategic partnership completed

  [1]First Sentier Groupen.wikipedia.org

  First Sentier and AlbaCore Capital Group completed a strategic partnership.

• 2022

  Igneo Infrastructure Partners launched

  [1]First Sentier Groupen.wikipedia.org

  The unlisted infrastructure team adopted the Igneo Infrastructure Partners identity.

• 2022

  B Corp Certification achieved

  [1]First Sentier Groupen.wikipedia.org

  The organisation achieved B Corp Certification.

• 2020

  First Sentier Investors rebrand

  [1]First Sentier Groupen.wikipedia.org

  First State Investments adopted the First Sentier Investors name.

• 2019

  Acquisition by Mitsubishi UFJ Trust and Banking Corporation

  [1]First Sentier Groupen.wikipedia.org

  Mitsubishi UFJ Trust and Banking Corporation acquired the asset-management business from Commonwealth Bank of Australia.

• 2017

  Realindex Investments becomes wholly owned

  [1]First Sentier Groupen.wikipedia.org

  The group completed the acquisition of the remaining interest in Realindex Investments.

• 2015

  Stewart-related investment platforms established

  [1]First Sentier Groupen.wikipedia.org

  First State Stewart Asia and Stewart Investors were established as distinct investment capabilities.

• 2013

  Global Stewardship Principles established

  [1]First Sentier Groupen.wikipedia.org

  The organisation established Global Stewardship Principles as part of its responsible-investment framework.

• 2008

  Initial investment in Realindex Investments

  [1]First Sentier Groupen.wikipedia.org

  The group acquired a 50 percent interest in Australian quantitative global-equities manager Realindex Investments.

• 2007

  UN-supported PRI signatory

  [1]First Sentier Groupen.wikipedia.org

  The business became a signatory to the United Nations-supported Principles for Responsible Investment.

• 2005

  First State Investments brand introduced

  [1]First Sentier Groupen.wikipedia.org

  The asset-management business adopted the First State Investments name in international markets.

• 2000

  Commonwealth Bank acquires Colonial Group

  [1]First Sentier Groupen.wikipedia.org

  Commonwealth Bank of Australia acquired Colonial Group, including its asset-management activities.

• 1994

  Colonial Mutual acquires State Bank of New South Wales

  [1]First Sentier Groupen.wikipedia.org

  The acquisition brought First State Fund Managers into the Colonial Group structure.

• 1988

  First State Fund Managers established

  [1]First Sentier Groupen.wikipedia.org

  State Bank of New South Wales established First State Fund Managers as an asset-management subsidiary.

A global multi-affiliate asset manager combining specialist investment autonomy with long-term investing, active ownership and responsible-investment principles.

• Equities

  Global and regional equity strategies

  The group offers actively managed equity strategies investing across global, regional and country-specific markets. Its affiliate structure allows different teams to apply distinct approaches, including fundamental, quality, sustainable, emerging-market and quantitative disciplines. Products may be offered through pooled funds or institutional mandates.

• Fixed income

  Fixed-income and cash strategies

  Fixed-income and cash capabilities cover investment strategies designed for income generation, capital preservation, liquidity management and diversified exposure to debt markets. The range serves institutional and intermediary clients through funds and customised mandates.

• Infrastructure

  Infrastructure strategies

  Infrastructure investment is represented by listed and direct capabilities, including the specialist platform operating as Igneo Infrastructure Partners. The strategies invest in infrastructure-related assets and companies, with the direct business focused on long-duration ownership and active asset management.

• Property securities

  Listed property securities

  Listed property strategies provide exposure to publicly traded property companies and real-estate investment vehicles. They are designed to give investors liquid access to property-related income and growth opportunities across selected markets.

• Alternative credit

  Alternative credit

  The group’s alternative-credit offering extends beyond traditional public fixed income into less conventional credit opportunities. The capability is intended for clients seeking differentiated income and risk exposures, subject to the mandates and strategies offered by the relevant affiliate.

• Quantitative investing · 2008

  Quantitative equity strategies

  RQI Investors, formerly Realindex Investments, represents the group’s quantitative investment capability. Its strategies use systematic and active quantitative methods to analyse and construct portfolios, particularly in global and regional equity markets.

• 2025

  Creation of First Sentier Group holding companyStrategy

  Background

  The organisation’s expanding portfolio of specialist investment teams required a group-level corporate framework.

  Action taken

  First Sentier Group Limited was established as the holding company, with First Sentier Investors operating as one affiliate investment team.

  Aftermath

  The change clarified the distinction between the umbrella group brand and its individual investment businesses.

  Source

• 2024

  Realindex Investments rebranded as RQI InvestorsStrategy

  Background

  The group continued refining the identities of its specialist investment businesses.

  Action taken

  Realindex Investments adopted the RQI Investors name.

  Aftermath

  The quantitative investment capability continued as a distinct affiliate under the wider First Sentier structure.

  Source

• 2023

  Strategic partnership with AlbaCore Capital GroupM&A

  Background

  First Sentier sought to expand its specialist affiliate network and investment capabilities.

  Action taken

  First Sentier and AlbaCore Capital Group completed a strategic partnership.

  Aftermath

  AlbaCore became part of the group’s broader affiliate investment-team ecosystem.

  Source

• 2022

  Separation of specialist affiliate identitiesStrategy

  Background

  The group was developing a multi-affiliate model in which specialist investment teams retained distinct philosophies and operating autonomy.

  Action taken

  The unlisted infrastructure team was renamed Igneo Infrastructure Partners, while the wider organisation achieved B Corp Certification.

  Aftermath

  The changes strengthened the group’s specialist-brand architecture and formalised part of its sustainability and corporate-responsibility positioning.

  Source

• 2020

  Adoption of the First Sentier Investors brandStrategy

  Background

  Following the 2019 ownership change, the business needed a common identity distinct from its former Commonwealth Bank and First State branding.

  Action taken

  First State Investments was rebranded First Sentier Investors.

  Aftermath

  The name became the principal international identity for the asset-management business before the group-level First Sentier Group structure was formalised.

  Source

• 2019

  Sale to Mitsubishi UFJ Trust and Banking CorporationM&A

  Background

  The asset-management business was transferred from Commonwealth Bank of Australia to Mitsubishi UFJ Trust and Banking Corporation.

  Action taken

  Mitsubishi UFJ Trust and Banking Corporation completed the acquisition and operated the business as a standalone global investment-management organisation.

  Aftermath

  The transaction created the ownership foundation for the later First Sentier brand and multi-affiliate structure.

  Source

• 2020.09.22

  Reported2020.09.22

  First State Investments renamed First Sentier Investors[3]首域投资更名为首源投资chinatimes.com

  First State Investments’ fund series was renamed First Sentier Investors, effective September 22, 2020, as part of a global brand-rebranding plan.

• Unconfirmed

  First State Investments acquires stake in Rialto Bioenergy Facility[4]First State Investments收购Rialto Bioenergy Facility股权pollutiononline.com

  First State Investments announced that it had acquired a 49% stake in Anaergia's Rialto Bioenergy Facility. The facility was under construction in Rialto, California.

• Unconfirmed

  First State Investments acquires stake in Rialto Bioenergy Facility[5]First State Investments收购Rialto Bioenergy Facility股权wateronline.com

  First State Investments acquired a 49% stake in Anaergia's Rialto Bioenergy Facility. The facility was under construction in Rialto, California.

Read more

1. 1First Sentier Groupen.wikipedia.org
2. 2First Sentier Investors official websitefirstsentierinvestors.com
3. 3首域投资更名为首源投资chinatimes.com
4. 4First State Investments收购Rialto Bioenergy Facility股权pollutiononline.com
5. 5First State Investments收购Rialto Bioenergy Facility股权wateronline.com