Sharechat Logo

Tower integrates businesses

Tuesday 4th May 2004

Text too small?
As part of its desire to increase efficiency and lower costs Tower has integrated its wholesale and retail businesses.

Tower chief executive investment businesses Paul Bevin says the formal integration of Tower's managed funds and asset management businesses into a single investment business, which started when he was appointed to his new role, is now complete.

As part of the integration Richard Baker’s role as head of the Tower Managed Funds business has disappeared and he has left the company. Bevin says the integrated Tower investment team aims to deliver superior savings and investment solutions and advisers and investors.

As one business Tower will align the managed funds and asset management businesses to use the combined expertise of the wider team, he says.

Also the company will use its asset management capability across both the retail and wholesale businesses to create a centre of excellence for future product and investment solutions for your clients.

Bevin says Tower will increase the marketing and sales support and service to advisers.

“Tower's asset management team is one of the most respected in the industry, with a strong performance record. As well as being strong in New Zealand assets, the team is a proven ‘manager of international managers’ and will now manage all Tower’s relationships with external fund managers. The investment management and portfolio development expertise, currently used in a number of our retail superannuation funds, will be extended across the full retail product range.

Tony Hildyard shares the chief investment officer role with Simon Brodie. The team's broadened manager research and retail product advisory function will be supported by additional resource. Tower's Portfolio Administration Services (PAS) wrap platform will continue to be utilised in a third party structure, to preserve the segregation of PAS for its clients.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Tower to return 'initial' $70M of capital from sale of life business
Tower shares fall to 2-month low as licensing requirements may weigh on capital returns
Tower's licensing talks with RBNZ may push up minimum solvency requirements
Tower names Hancock as new chief executive, replacing Flannagan
Tower posts first-half profit as asset sales reap gains of $51.4 mln
Fidelity Life acquires most of Tower's life insurance business
Flannagan to leave Tower after strategic review, asset sales
Tower FY profit jumps 67%, to return $120M to shareholders; shares jump
Tower sells medical insurance unit to nib for $102M
Stiassny joins Tower board as questions linger over strategy