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
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
Global equity manager Orbis Investments has appointed a head of marketing from Capital Group as it becomes the latest manager to target advised retail investors.
While Australia prepares for the $3.5 trillion intergenerational wealth transfer, two female advisers have discussed why women may be detracted from seeking advice and the impact of the gender imbalance in the industry.
ETF provider Betashares has launched a global bond ETF as investors pour billions into cash and fixed income ETFs.
