Tower centralises asset management
TheTowerGroup has created a new asset management group in Australia which it says will combine Tower Asset Management with some investment functions of Tower Trust Australia, as well as the Tower-ownedBridges Financial Servicesgroup.
Tower group managing director Keith Taylor says the three investment management type functions currently in use in Australia will now be brought together as one, to create “something with more substance and horsepower, rather than having three smaller groups”.
Taylor says the new Australian asset management group will include around 20 people, but the group has yet to appoint a figure to head it up.
The new head, along with the name of the group, should be announced in the near future, with plans for the initiative to be up and running within a month.
Tower Asset Management managing director Paul Bevin has been chosen to chair the executive board of the asset management group, while also being named chief executive, investment businesses for Tower New Zealand.
Meanwhile, Tower Insurance managing director Paul Hunt has also taken on the role of chief executive for insurance and operations for Tower New Zealand. Hunt’s responsibilities now include Tower Health & Life, Tower Insurance, Tower Life (NZ) and the operational functions of distribution, finance, actuarial, human resources and informational technology.
Under the changes, Bevin will retain responsibility for Tower Asset Management (New Zealand) while also assuming responsibility for Tower Managed Funds, the group’s New Zealand retail funds management businesses.
Bevin has led Tower Asset Management for 15 years, while Hunt joined Tower in 1985 and stepped into the role of managing director in 1991.
On other matters, Taylor confirmed that other groups were in fact making alternate capital raising offers to that of the Guinness Peat Group.
He said a number of institutions from both Australia and New Zealand were in the process of making offers, but would have to have their proposals in by tomorrow.
Taylor says while the board is open to new offers, in the little time left it would need to work in the best interest of the shareholders.
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