Boag follows Boonzaier out of Tower
Tower Limitedgroup chief operating executive Ken Boag will leave the group at the end of next week after the announcement last week that the group’s wealth management and risk insurance businesses will be merged into a single operation.
Boag’s departure follows that of long standing group managing director James Boonzaier, who announced his retirement from the group last week as part of the restructure.
Both men have worked with Tower for over a decade.
Boag joined the group in 1992 as the managing director of Tower Life Australia and was involved with the group’s purchase of Friends Provident, FAI Life and Bridges Financial Planning.
Tower says the restructure is part of its New Horizon strategy and that the bringing together of the remaining arms of Tower was driven by the future sale of the group’s personal and corporate trust business.
The restructure will actually draw together five Tower business lines and be renamed as Tower Australia with a chief executive yet to be appointed.
The current Tower risk and investment management managing director Andrew Moon is acting as chief executive in the interim.
Tower has said that the restructure would not effect Bridges or Tower Asset Management who will remain as they are and keep their boards and management teams.
AUTHOR
Jason Spits
Recommended for you
Managed accounts saw net inflows of $16.7 billion in the six months to 30 June, as IMAP chair Toby Potter describes the offering as having reached their “maturity phase”.
Coastal Advice Group has completed the acquisition of three advice businesses across Australia, as it sets its sights on major national expansion over the next financial year.
Financial advisers are demonstrating growing interest in crypto ETFs, with momentum pushing assets in these products past $800 million.
Colonial First State has exceeded $20 billion invested in its CFS managed accounts, announcing multiple expansions to its platform offering.
