Kay to head Tower Distribution

The Tower Group has moved Alex Kay into the position of managing director of Tower Distribution Management Ltd, one of the three new divisions of Tower’s Life and Investment Business in Australia.

The appointment is in line with Tower's restructuring since acquiring Bridges Financial Services in September. In addition to Tower Distribution Management and Bridges financial planning group, Tower Risk and Investment Management has also been developed.

Tower Group managing director James Boonzaier says as head of distribution, Kay will be responsible for all distribution in Australia. He says Tower Distribution Management will operate separately from Bridges financial planning services, which will be independent.

"We will be keeping it (Bridges) at a distance from Tower," he says.

Kay has 23 years experience in financial services distribution and has been with Tower as agency general manager for eighteen months. He initially joined the group with FAI Life when it was acquired in March last year, where he had worked as general manager of distribution for about 2 years.

Prior to working with FAI, Kay held other senior management positions with National Australia Financial Management and Prudential.

Boonzaier also announced the retirement of former Tower Group head of distribution Peter McNeil, after nearly 10 years with the firm.

Prominent financial planner David Bleakly was named Bridge's managing director following the acquisition, while a managing director for Tower Risk and Investment Management is still to be appointed.