Despitemoving away from funds management and returning to its risk-based roots,Tower Australiais forging ahead in forming its newly created asset management group, appointing Justin McLaughlin as its head.
McLaughlin will also hold his current role as head of research with the Tower-owned financial planning groupBridges Financial Services. He says the asset management functions of Bridges, Tower Trust and Tower Asset Management are now under the control of the wealth management division.
Over the three groups, staff continue to manage a platform, master trusts, common funds, fund-of-funds products, cash, bonds, and outsourced international and domestic fund-of-funds products.
McLaughlin says it “makes sense to co-ordinate that activity more efficiently, and look at the totality of what we’re managing and not just stay in silos”.
The existing asset management teams have been brought together, resulting in a wealth management division of around 20 investment managers.
The Tower group pulled back from the provision of managed funds in the market earlier this year saying, while it had products and a funds management operation, it “never transcended the middle space” it was in.
Earlier this year the group also dropped its growth style Australian shares product, moving instead to an internally managed, style neutral, multi-manager offering.
McLaughlin adds to the list of senior appointments this year, including new chief executive Australia Jim Minto, head of sales Stephen Robertson, sales team leader Jordan Hawke, underwriting team leader Phil Hill and risk manager Michael Downey.
The asset management functions of the Tower/Credit Union alliance, which supplies the latter with financial planning and risk writing services, has also been brought under the new wealth management banner.
