Tower Trust to remain in Adelaide
Tower Trust is to remain based in Adelaide, following the acquisition of IOOF’s trust business yesterday.
Tower Trust is to remain based in Adelaide, following the acquisition of IOOF’s trust business yesterday.
Tower Trust managing director Colin Baxter says the acquisition of IOOF will give Tower Trust a corporate trustee business based in Sydney, however, the groups base will continue to be Adelaide.
“Tower Trust has been in Adelaide under many guises for more than 100 years. While the acquisition will give us a presence in Sydney, we will remain based in Adelaide,” he says.
IOOF Trustees has assets under management of more than $1.2 billion and the purchase will boost TowerTrust's figures to $6 billion. Ac-cording to IOOF's last annual report in 1999, the trustee business had earnings of $536,000 and more than 45,000 clients.
The Adelaide trustee business of IOOF will be integrated into Tower-Trust in the next few months with a new corporate trustee division operating out of Sydney.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
