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Tower signals its Australian focus

Friday 20th October 2000

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Tower is beginning to move more key staff to Sydney as it beefs up its presence in the Australian market.

The precursor to the gradual shift of focus over the Tasman was the decision earlier this year to merge Tower Asset Management's Australian and New Zealand operations. Arising from that decision, Craig Turnbull, based in Sydney, has been appointed chief investment officer at Tower Asset Management.

He remains responsible for global equities, which are outsourced to a range of managers. His deputy at Tower Asset Management is fixed interest manager Tony Hildyard. Wellington-based Greg Whitten will lead a transtasman business development team while continuing to oversee direct property investments in both countries.

Wayne Stechman is in charge of New Zealand equities and Albert Hung takes responsibility for Australian equities. Paul Bevin remains managing director. Former investment strategist Tore Hayward is leaving.

- Chris Hutching

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