Tower eyes reversal of fortune
Tower Limitedis continuing to tweak its wealth management division with the aligning of Tower Credit Union Alliance (TOCUA) with planning armBridges Financial Services
The moves comes after Tower’s credit union business posted an improved return, but still chalked up an after tax loss of $900,000 for the half year period to 31 March 2004. This result followed losses of $1.9 million for each of the March and September 2003 quarter periods.
According to Bridges chief executive Chris Wren the decision to integrate the two business areas will streamline operations within the wealth management division.
“We are restructuring the way the initiatives are run,” Wren says.
Wren says Bridges is looking towards a single relationship focus. He says this already includes referral systems, research and systems support and technical services.
“TOCUA will be another solution that can be provided in this relationship,” Wren says.
Both the TOCUA and Bridges businesses report through to Paul Thomas, who oversees relationship services at Tower. Thomas was appointed back in October last year to optimise strategies between credit unions to develop and implement strategies for their wealth management businesses in partnership with Bridges and the Tower Credit Union Alliance.
Last month Tower announced a net profit after tax of NZ$20.5 million for the six months ending March 2004.
Tower Australia contributed $9.2 million in net profit compared to a $0.5 million loss for the corresponding 2003 period, while the wealth management division, which includes Bridges Financial Planning, Tower Trust, Tower Asset Management and TOCUA, delivered a $6.8 million net profit.
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