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.
