Colonial First State is scouring the market to buy sub-scale superannuation providers in a bid to consolidate the sector, says the chief executive of the wealth management giant backed by private equity firm KKR.

Clive van Horen, who took over as chief executive of the storied investment house once owned by Commonwealth Bank this year, said the company had identified 60 superannuation funds with assets of less than $20 billion that could be potential acquisition targets.