First State Investments, the UK asset management arm of the Commonwealth Bank of Australia, has named its first non-executive director.

Veteran fund manager Richard Wastcoat previously had a 25-year career at Fidelity, where he was most recently chief executive of its fund management business, subsequently renamed FundsNetwork. He also looked after Fidelity’s businesses in Spain, the Nordic region, the Middle East and Africa and India. He was based in Hong Kong for seven years.

First State's decision to appoint a non-executive director to the boards of its UK operating companies was driven by the increasing size and complexity of the business and its growing importance in the market, the firm said in a statement. 

Wastcoat will be responsible for ensuring effective governance and oversight of First State’s executive function and will provide strategy and business development insight. 

"Wastcoat's appointment as First State’s first non-executive director reflects the maturing of our business following a period of strong growth,” said Gary Withers, regional managing director for Europe, the Middle East and Africa at First State.

First State Investments forms part of the asset management division of the Commonwealth Bank of Australia. In Australia the firm operates as Colonial First State Global Asset Management. First State and CFSGAM collectively manage £99.2 billion ($155 billion) in assets.