Bridges to expand as Tower rebuilds
TheTower-ownedBridgesdealer group has announced plans to open three new financial planning offices.
Tower acting group chief executive Keith Taylor says the group, which has approximately 35 existing practices, expects to open the new offices this month.
Taylor revealed the plans today while announcing that the Tower group was likely to record an after tax profit of around $5.4 million for the three months to December last year.
The group had reported a $68.9 million loss for the year to September 30, 2002.
Taylor says Tower is in the process of redefining its entire Australian wealth management strategy, including the role to be played by Bridges, which had its value written down to the tune of $32 million late last year.
Bridges is expected to record a $2.8 million after tax profit for the three months to December last year, 28 per cent up on the previous corresponding period.
Tower also announced today it had appointed Bruce Bonyhady, a formerANZ Funds Managementexecutive, to assist with the repositioning program for its wealth management division.
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