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Tower manages its
fund line-up

Tower Managed Funds close three funds, launch one and make a few changes to some of the others.

Tuesday, October 19th 1999, 12:00AM

by Philip Macalister

Online sharebrokers compared Tower Managed Funds has continued, as promised earlier, its product rationalisation and enhancement programme.

The latest developments include the launch of a new Global Asset Management (GAM) fund and the closure of the CorporatePlus, Spotlight Emerging Europe and Spotlight Latin America funds.

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These three funds have been closed to new investments although existing investments will continue to be managed. The decision to close these Funds arose from a review of the existing products and market requirements. This review indicated limited future growth in the funds as well as overlap resulting from the merger of Tower Trust Services and the investment division of Trustees Executors last year.

The new Tower GAM Global Opportunities Trust has a minimum investment of $500,000 and is designed for large personal, corporate or institutional investors and master fund / wrap service providers.

Other changes include:

  • Shifting the Multi Sector Fund’s benchmark from a 50:50 split between income and growth assets to a 40:60 spilt. The change is designed to further focus the fund on greater longer-term growth. A regular income option has also been introduced, enabling investors to make regular capital withdrawals of at least $500 on a monthly, quarterly, half-yearly or yearly basis.
  • Tower Asset Management has moved to a more active approach for the New Zealand Equity Fund, holding fewer stocks in the fund at any one time. This active approach is designed to complement the passive range of funds.
  • The Tasman Retirement Fund Income Portfolio has closed to new investments. An income option has now been added to the Conservative Portfolio, providing a regular withdrawal facility.
  • The MER on the BondPlus Fund has been capped at 1.0 per cent for the coming financial year.

General manager Richard Baker says TMF is actively managing its product line-up so it has a range of funds that met investors needs.

"Product leadership is more than just launching new funds. Listening to your investors and advisers and being prepared to make the necessary changes to existing products is a large part of being a good fund manager," he says.

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