The Commonwealth Bank of Australia has announced it will float its wealth management business Colonial First State Global Asset Management.

The company has close to $220 billion worth of assets, and the move is likely to result in the largest initial offering this year, worth almost $5 billion.

The move to create the new ASX-listed company comes after the conclusion of a review launched last year.

Ross Greenwood speaks with Barry Lambert, founder of Count Financial, one of Australia’s largest planning firms, and one of CBA’s largest individual shareholders.

He tells Ross the decision comes as “no surprise”.

Listen to the full interview below