Australian Fund Colonial First State Rethinks US Tech Exposure

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000One of Australia’s largest pension funds is rethinking its allocation to listed US technology companies as concern about artificial intelligence spending continues to weigh on shares.Colonial First State Superannuation, a division of the A$179 billion ($125 billion) retirement fund and wealth manager owned by KKR & Co Inc. and Commonwealth Bank of Australia, is “actively looking at our exposure in particular to US tech and over time starting to consider whether or not there is a reallocation of that,” Chief Executive Officer Kelly Power said. She was speaking at the Australian Financial Review Business Summit in Sydney on Wednesday.