The Commonwealth Bank, in announcing the sale of its Australian and New Zealand life insurance businesses, added that it will conduct a strategic review of its asset management business, Colonial First State Global Asset Management.CBA also took the opportunity to announce that Annabel Spring, CBA's wealth management group executive for the past six years, has decided to leave the Group in December. Until then, Spring will contribute to the CBA's strategic review into GFSGAM, which has A$219 billion in assets under management.  CBA said the review would cover a range of options, including an IPO."This review will consider long-term Commonwealth Bank shareholder value, including whether a separately listed CFSGAM would be better able to grow its business, serve the interests of its clients and attract and retain key personnel," CBA stated in its announcement to the market, via the ASX.CBA also announced that Michael Venter, the chief financial officer of CBA's international financial services business, and formerly group deputy chief financial officer and chief financial officer of the wealth management division, was appointed chief operating officer of wealth management, "with immediate effect". CBA's announcement to the ASX added that Venter will represent wealth management at the group executive committee following Spring's departure, and work on any organisational change resulting from this week's announcements.