Hildyard quits Tower
Tony Hildyard, head of Tower Investments New Zealand, has resigned after a 20-year career with the firm.
Thursday, November 8th 2007, 5:15AM
by David Chaplin
"I'm leaving the company on good terms and I wish it and the people well - I think the feeling is mutual," he said.
Hildyard, who will have his last day at Tower next Friday, said the decision to leave "was all my own".
He said he would "take a couple of months off" before considering his next move.
"I'll probably turn up somewhere else," Hildyard said.
It is understood a search for his replacement is already underway.
The news of his resignation comes just days after Tower was named FundSource Fund Manager of the Year for the third time since 2004.
"I prefer to go out when things are going well," he said.
After winning the Fund Manager of the Year award last week, Hildyard said Tower Investments had been going through a intense period of transformation to prepare for tax reform and KiwiSaver.
"Preparing for the introduction of KiwiSaver and the recent changes to the way investments in managed funds are taxed has meant that there has been a lot of process changes for both Tower and our clients, but we've worked exceptionally hard to ensure our investment offerings were not compromised over this period and would continue to perform well and deliver consistently superior returns," he said in a statement.
Hildyard took over the top job at Tower Investments in 2005 from Paul Bevin after working his way up through the ranks - including a stint as chief investment officer.
The company currently manages more than $5 billion of both retail and wholesale money.
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