Colonial First State: Ownership, Performance & Access Guide

Colonial First State, one of Australia’s biggest retail super funds, was purchased by global investment firm KKR in 2023, ending Commonwealth Bank’s ownership. Now reporting its third consecutive year of double-digit MySuper returns, members are questioning whether the fund remains a solid choice under new ownership.

Founded: 1984 · Assets Under Management: approximately AUD 150 billion · Current Owner: KKR (from 2023) · Member Base: over 1 million

Six facts that frame the fund:

Is Colonial First State a good investment fund?

Deciding whether CFS suits your goals means looking past the brand name and into performance, fees, and risk.

Performance over recent years

• For the 12 months to 31 December 2025, most MySuper members received returns above 10% (CFS 2025 year-in-review).
• The FirstChoice Employer Super growth fund (MySuper Lifestage 1975–79) returned 11.6% for calendar year 2025 (Super Review (industry publication)).
• The MySuper Lifestage 1965–69 balanced fund returned 10.1% for the same period (Super Review (industry publication)).
• Independent researcher Chant West ranked CFS’s Lifestage options best overall for aggregated MySuper performance across one, three, and five years to 30 June 2025 (Super Review (industry publication)).

Fee structure comparison

• Administration fees are competitive; always check the latest Product Disclosure Statement (SuperGuide (Australian super guide)).
• CFS describes itself as focused on strong performance and low admin fees (CFS official site).

Risk and ratings

• Past performance is not a guarantee of future returns (CFS official site).
• Stockspot describes CFS as one of Australia’s leading retail super funds (Stockspot (investment research firm)).

The implication: CFS has delivered impressive numbers recently, but a retail fund’s fee structure means the net benefit depends heavily on your balance and time horizon.

Who owns Colonial First State?

Ownership has shifted significantly in the past two years, changing the corporate backing behind the brand.

Commonwealth Bank era

• CFS was originally part of the Colonial Mutual Life Assurance Society, established in 1984 (CFS About Us).
• Commonwealth Bank acquired the Colonial Group in 2000 (CFS About Us).

KKR acquisition in 2023

• CBA announced the sale of CFS to KKR in 2023; the deal was completed later that year (CFS About Us).
• Regulatory approvals were obtained (CFS About Us).

Current ownership structure

• As of 2025, KKR & Co. Inc. is the sole owner (CFS About Us).
• CFS continues to operate under the Colonial First State brand (CFS About Us).

What this means: ownership by a global private equity firm introduces a different incentive structure — profit maximisation over the long term may not always align with member-first superannuation principles.

What is the Colonial First State now called?

Despite rumours of rebranding, the fund has kept its established name.

Rebranding to CFS

• The brand remains “Colonial First State”, though it often trades as CFS (CFS official site).
• Some products use the “FirstChoice” sub-brand (SuperGuide (Australian super guide)).

Brand continuity

• No official name change has occurred as of 2025 (CFS official site).
• The legal entity is still Colonial First State Investments Limited (CFS About Us).

The catch: while the brand stays the same, the ownership change means the entity behind the name has a different corporate parent — something to keep in mind when reading product documentation.

What type of fund is Colonial First State?

CFS isn’t just a super fund — it offers multiple products under one roof.

Superannuation fund

• FirstChoice Personal Super is a popular product (SuperGuide (Australian super guide)).
• CFS offers MySuper default options and choice-based products (CFS official site).

Investment fund

• CFS also provides non-super investment options (CFS official site).
• Fund types include balanced, growth, and conservative (CFS official site).

Retail and wholesale options

• CFS serves both retail members and wholesale advisers (CFS Adviser resources).
• FirstTech provides detailed guides for professionals (CFS FirstTech Super guides).

Why this matters: the range of products means there’s no single “CFS performance” — you need to evaluate the specific fund option that matches your risk profile and goals.

Can I access Colonial First State on my phone?

Yes, and the mobile experience has been a focus area.

Download the CFS App

• Available on iOS and Android via the respective app stores (CFS official site).
• The app allows you to view balances, transactions, and performance (CFS official site).

Login steps

1. Download the CFS App or visit the FirstNet portal (CFS official site).
2. Use your FirstNet login credentials or app-specific password (CFS official site).
3. Set up biometric authentication if supported (CFS official site).

Features on mobile

• Check account balances, view transaction history, and update personal details (CFS official site).
• Access investment performance charts and unit prices (Colonial First State Historical performance chart).

The takeaway: mobile access is robust, but don’t expect branch-level service — CFS is a digital-first retail fund.

Pros and Cons of Colonial First State

Timeline signal

• 1984 – Colonial First State established as part of Colonial Mutual Life Assurance Society (CFS About Us).
• 2000 – Commonwealth Bank acquires Colonial Group, including CFS (CFS About Us).
• 2023 – CBA announces sale of CFS to KKR; deal completed in late 2023 (CFS About Us).
• 2024–2025 – CFS continues operations under KKR; brand remains; double-digit returns reported (Super Review (industry publication)).

What we know and what’s still unclear

What the experts say

CFS said the acquisition by KKR has been completed and the business will continue to operate under the Colonial First State brand.

— CFS spokesperson, as reported by CFS About Us

Colonial First State is an Australian wealth management group that provides superannuation, investment and retirement products.

— Stockspot (investment research firm)

For Australian investors and super members, the choice is clear: if you value strong recent performance and digital access, CFS looks solid — but keep an eye on fee changes and ownership direction. For members with larger balances, a comparison with industry funds is still wise.

Related reading: Colonial First State FirstChoice guide: performance, fees, USI, ABN · CFS super performance and returns

For practical steps on accessing your CFS account, the login guide provides a straightforward walkthrough for members.

Frequently asked questions