Tower Investments says there will be no major changes to the way it looks after $3.5 billion in funds under management as it prepares to move its asset management team from Wellington to Auckland.The fund manager is consolidating its team of seven asset m
Tower Investments says there will be no major changes to the way it looks after $3.5 billion in funds under management as it prepares to move its asset management team from Wellington to Auckland.
The fund manager is consolidating its team of seven asset managers in the Auckland head office, having been split between Wellington and Auckland for the last few years.
Tower Investment’s chief executive Sam Stubbs said it made sense to bring the team together to have the same team managing shareholder funds and client money.
The company’s Wellington-based asset management positions would be disestablished and staff interested in moving to Auckland would have to re-apply.
Those discussions with staff were underway and he did not yet know how many asset managers would move until the formal process was completed, he said.
Despite possible changes to personnel, the way the company managed its investments would remain the same, he said.
“We’re effectively taking a split team and bringing them together in one place, but the way we manage money will be the same.”
