In September Tower announced it was streamlining its operations and integrating all of its New Zealand businesses into one organisation.
Tower is also planning to spin-off its Australian Wealth Management division as a separate business with its own listing on the Australian stock exchange. Tower will hold a special shareholder meeting on January 25 to consider the AWM proposal.
The former head of Tower's investment, Paul Bevin, left the company at the end of last week, and Paul Hunt, from the insurance side of the business, is now with AIG.
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