Tower merges retail and wholesale businesses
As part of its desire to increase efficiency and lower costs Tower has integrated its wholesale and retail businesses.
Tuesday, May 4th 2004, 6:38AM
As part of the integration Richard Baker’s role as head of the Tower Managed Funds business has disappeared and he has left the company. Bevin says the integrated Tower investment team aims to deliver superior savings and investment solutions and advisers and investors.
As one business Tower will align the managed funds and asset management businesses to use the combined expertise of the wider team, he says.
Also the company will use its asset management capability across both the retail and wholesale businesses to create a centre of excellence for future product and investment solutions for your clients.
Bevin says Tower will increase the marketing and sales support and service to advisers.
“Tower's asset management team is one of the most respected in the industry, with a strong performance record. As well as being strong in New Zealand assets, the team is a proven ‘manager of international managers’ and will now manage all Tower’s relationships with external fund managers. The investment management and portfolio development expertise, currently used in a number of our retail superannuation funds, will be extended across the full retail product range.
Tony Hildyard shares the chief investment officer role with Simon Brodie. The team's broadened manager research and retail product advisory function will be supported by additional resource. Tower's Portfolio Administration Services (PAS) wrap platform will continue to be utilised in a third party structure, to preserve the segregation of PAS for its clients.
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