Assirt upgrades Tower

Tower Asset Management’s Australian equities team has been given two thumbs up, after being upgraded from a weak rating to a strong rating by Assirt.

Assirt awarded Tower's Australian equities division a weak rating after the division nearly collapsed early last year with the departure of four of the group's seven Australian equities team to Alliance Capital Asset Management.

As a result of the departures and the shaky state of Tower's Australian equities division, Assirt slapped a hold rating on all Tower Asset Management's funds, and downgraded them to weak.

Assirt chief executive Krystyna Weston attributes the recent upgrade to Tower's rebuilding and restructure of its Australian equities team over the past year.

Weston also acknowledges the strength of the fund managers investment team headed by chief investment officer Craig Turnbull and head of Australian equities Albert Hung.

Turnbull chose to remain with Tower while fellow Australian equity team member's head of Australian equities Don Low, Australian equities portfolio man-ager Andrew McCauley, senior research analyst John Bergin and analyst Naz Ressas joined Alliance in January last year.

Tower Asset Management managing director Paul Bevin says the recognition given to both Turnbull and Hung only further enhances the fact that funds management is a key platform in the group's diversified financial services offering.

As well as boosting the group's Australian equities rating, Assirt also reviewed the groups international fixed interest and cash teams. These divisions have maintained their strong rating.

Tower Asset Management has more than $17 billion of assets under management.