The company announced yesterday that it had entered an agreement to by IOOF for undisclosed amount.
IOOF has offices in Adelaide and Sydney and has total assets under management of $1.5 billion, bringing Tower's total assets under management in the trust business to $7.5 million.
Recently Tower announced that it was merging its Australian and New Zealand's trustee business into one operation.
This acquisition significantly expands its operation in Australia and complements its New Zealand corporate trustee business, group general manager James Boonzaier says.
"The wealth management sector is expanding at over 15 per cent in Australia largely on the back of the compulsory superannuation regime. Tower will leverage off its skill base in the corporate trustee sector, and our strategic alliance with software supplier DST, to compete vigorously for corporate trust and custodial business.
The purchase is subject to regulatory approval and finalisation of terms of settlement.
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