Colonial First State brings in Speed as new media agency under new owners

Colonial First State has shaken up its agency roster for the second time this year, appointing Speed as its full-service media agency, ending its relationship with Essence, Mumbrella can reveal.

CFS confirmed the appointment to Mumbrella, which follows the wealth management group bringing in fledgling creative agency, It’s Friday at the start of the year. Shortly after, it released ‘Unleash your second half’, CFS’s first through the line campaign since 2017.

Colonial First State has appointed Speed as its media agency

The media appointment comes following the majority sale of CFS by Commonwealth Bank to global investment firm KKR. CBA previously held a 55% stake, with Australia’s largest bank also serviced by Essence. The relationship with Essence, which is set to officially become EssenceMediacom in a few months, remains unchanged.

Colonial First State chief customer officer Todd Stevenson said earlier this year the financial institution would be upping its investment in the brand.

“We are investing more than $430 million into the business over the next four years. The investment we are making into our brand is another way CFS is working to power the growth of the almost one million members who trust us to help with their retirement savings and investments.”

On the appointment, managing partner at Speed, Ian Perrin said: “Speed are thrilled to be working with Colonial First State at this exciting stage of their business journey. We are already working closely with their creative agency It’s Friday to deliver on a number of interesting projects and campaigns. We are also looking to staff up significantly to manage the account as well as a number of other new business wins over the past year.”

Alongside CFS, recent wins for Speed include Taco Bell, Carnival Cruise Line, Archie Rose and Boody, adding to a client list that includes Dulux Group, Wisr, and Betfair amongst others.

Perrin launched Speed in 2016 with an initial investment from Clemenger Group, with Perrin, the former boss of Zenith holding a minority stake. It is now wholly owned by Perrin and his business partner, Duncan Parfitt.

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