Tower to merge NZ operations
Tower Limited is to merge it’s two New Zealand businesses in a reverse move to last week’s proposal to split its Australian operations through a plan to separately list its wealth management arm on the Australian Stock Exchange.
The latest move for the listed trans-Tasman insurance and wealth management company will see the group appoint a new chief executive officer for New Zealand to head up the newly created division.
“It has become apparent that a more streamlined and cohesive structure for the entire New Zealand business will greatly enhance Tower’s ability to leverage the strength of the brand in this market,” group managing director Keith Taylor says.
Tower New Zealand insurance and operations chief executive Paul Hunt, and Tower New Zealand investment businesses chief executive Paul Bevin have both indicated they will not be seeking to fill the new role.
Rather, Hunt and Bevin will continue in their existing roles until a replacement is found - a process Tower expects to take several months.
“We are committed to both [NZ] businesses and the strategy for Tower New Zealand over the next few years is one of substantial growth and further improvement in the market position. The new chief executive - Tower New Zealand will have a key leadership role in insuring these objectives are met,” Taylor says.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
