A new look Tower Trust Services will be unveiled on October 1, following the decision to merge its funds management operations with sister company Trustees Executors (TEA).
Full details of the product line up, new name and personnel will be announced at a series of roadshows on October 1 and 2 (for full details see the diary ). Also at the roadshow representatives from Tower Portfolio Management and Morgan Grenfell will provide updates on global markets.
In the merged group Tower Trust's marketing manager Julie Bridge will retain her role and TEA's Investment Funds national manager Stephanie McGreevy will be the national manager, distribution. The new group will have three business development managers; Kevin McLean, Delwyn Lynch and one other to replace Yvonne Davie.
The group has rationalised its funds, initially down from 24 to 18, and more changes are pending.
The main changes are that the TEA cash fund will be closed and investors will be offered a switch to the Tower FirstRate fund.
The Tower MortgagePlus Income fund will be merged with TEA's Mortgage Trust, and several TEA funds will be closed.
Included in those closures will be the TEA NZ and Australian Sharemarket funds and the TEA Premium Bond Trust. Unitholders in the latter will be offered a switch to the Tower APlus fund.
Under the merger arrangement Tower takes over the responsibilities for marketing the Global Asset Management (GAM) funds in New Zealand. No changes are imminent here, however more GAM funds are likely to be offered in the future.
A new look Tower Trust Services will be unveiled on October 1, following the decision to merge its funds management operations with sister company Trustees Executors (TEA).