Tower's products in the post
Tower is to distribute its products through the New Zealand post office network
Tower is to distribute its products through the New Zealand post office network.
Tower has signed a deal with New Zealand Post which will allow Tower to sell a range of pared down products through the 315 government owned outlets.
Tower Group managing director James Boonzaier says the products will be targeted towards the needs of Post Shop customers, based on a trial in a limited number of outlets later this year.
"There is a real need for the New Zealand public to increase their level of savings, particularly for retirement and the complicated nature of traditional managed funds and the process required to invest in them has generally limited their appeal to the wider public," Boonzaier says.
"We are developing a new category of managed fund based on pricing, simple structure and features that will lower the barriers to entry and reduce the disincentives to savings and invest-ment."
NZ Post Enterprises chief executive John Allen says Post Shop customers would have access to investment statements and prospectuses and be able to make investments over the counter.
The deal with Tower was part of New Zealand Post's strategy to provide a range of financial services through Post Shops.
However Allen says the deal was not directly related to using NZ Post for the New Zealand gov-ernment's People's Bank.
AUTHOR
Jason Spits
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