New leader for Tower Trust
The restructure of Tower Trust in Australia and New Zealand has resulted in the appointment of Colin Baxter to the role of managing director for operations in both countries.
The restructure of Tower Trust in Australia and New Zealand has resulted in the appointment of Colin Baxter to the role of managing director for operations in both countries.
Baxter will replace Brenton Wood who is retiring and Jim Minto who will become the managing director of Tower Health, previously Tower Trust New Zealand.
He joins Tower after having been with St George Bank as investment services general manager where he was involved with it's mastertrust and related financial services
operations in the St Georges Group. At Tower he will assume responsibility for the trustee operations on both sides of the Tasman.
Previously Baxter has been chief general manager at MMI and chief general man-ager for NSW and managing director for the UK with National Mutual.
The announcement comes after a full shake up of the Tower structure and man-agement which began just over a month ago. This resulted in the unification of Tower Trust Australia and Tower Trust New Zealand under a single banner.
The shakeup has also resulted in the current Tower Life Australia managing director Ken Boag joining group managing director James Boonzaier on the boards of the Tower Group companies.
At the same time the head of the Australian funds management arm, Derek Goodyer quit the group and Paul Bevin named to head up Tower Asset Management in both markets.
The restructure and new appointments cap off a tumultous first half of the year for Tower which began when ratings group Assirt placed a hold rating on all Tower Asset Management’s funds with exposure to Australian equities.
The rating change came after Tower lost four members, out of seven, of its Austra-lian equities team to Alliance Capital Asset Management.
Since then however Tower have rebuilt the team with the addition of Albert Hung and Dawn Kanelleas who were instrumental in creating the original Australian eq-uities team.
AUTHOR
Jason Spits
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
