NZ’s Tower sells investment business
New Zealand's Tower Limited has sold its investment business, Tower Investments, to another Kiwi-based business, Fisher Funds.
The company announced to the Australian Securities Exchange (ASX) today that it had sold the investments business for NZ$79 million, with Tower Group managing director Rob Flannagan saying the decision had followed on from a strategic review.
He said the divestment of the investment business had followed the sale of Tower's health insurance business to Australia's nib Holdings late last year.
Flannagan said a decision had been made by Tower to narrow the company's focus to its traditional core insurance business.
Fisher Funds is described as a KiwiSaver provider, managing more than $1.4 billion on behalf of more than 130,000.
The Tower Investments business was sold as a stand-alone operation, with employees transferring to Fisher funds.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
