Tower adds to assets

By Phil Boeyen, ShareChat Business News Editor

Tuesday 6th March 2001

Financial services and insurance company Tower (NZSE: TWR) is adding A$62 million to its assets under management after being awarded an Australian equity mandate.

Tower Asset Management's MD, Paul Bevin, says several factors had contributed to winning the mandate from the Brisbane City Superannuation Fund.

"Brisbane City Super wanted a core Australian equity style with moderate risk and a consistent ability to beat the market over many years."

Mr Bevin says the equity mandate helped to highlight Tower's development as a significant contender in Australian equity management.

"Having arguably produced the most consistent out-performance in the market over many years, Tower is progressively building a significant Australian equity business," he said.

"The equity team and the investment process work extremely well together and we are confident we will continue to produce solid results in the years ahead."

In the year to the end of September 2000 Tower Asset Management earned the Tower Group a net profit of $5.1 million, up from $3.3 million the previous year.

The increase was despite losing several Australian equity accounts in January 2000.

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