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Four in a row for Tower

Tower is once again crowned the fund manager of the year by IPAC Securities.

Thursday, June 25th 1998, 12:00AM

by Philip Macalister

Tower Financial Services has, for the fourth consecutive year, won the IPAC Securities fund manager of the year award.
Tower's ability to retain the top spot in the awards shows the consistency of its people and performance and the inability of any challenger to knock it off its perch.
This year's runner up, AMP Asset Management, is the only real contender for the title, having improved its processes, launched new product, such as the AMP Office Trust and the WiNZ international equity fund, and generally produced some strong performance numbers.

Tower scooped the two other categories it was nominated for, namely diversified funds and New Zealand equity funds, and AMP picked up the most improved fund manager of the year award for the second year running, plus it was voted second best diversified fund manager.
Third overall was Armstrong Jones which also picked up the number one spot in New Zealand fixed interest and was nominated in the diversified funds and New Zealand equities fund categories.
IPAC general manager David van Schaardenburg says Tower scored highly in its qualitative categories of people and process, but it also lead the field in the performance factor.
"Tower's investment philosophy and investment approach combines fundamental research with disciplined risk controls".
Amongst the other winners were BT Funds Management for international equities, BNZ Financial Services for global bonds, Guardian Trust for mortgage funds and National Mutual for cash.
IPAC bases its awards on what it calls the four Ps namely; people, process, portfolio and performance.
This year it diluted its awards process and did away core and active splits in categories such as New Zealand shares and fixed interest.
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