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TOWER appoints new investment managers

TOWER Investments – Press Release

For immediate release

30 November 2010

TOWER appoints new investment managers

Default KiwiSaver provider TOWER Investments has announced a number of new investment manager appointments, as a strong statement of the future growth prospects for TOWER and KiwiSaver.

“TOWER’s investment management team is now the largest in New Zealand, which is a measure of our commitment to further expansion of TOWER’s growing investment business across KiwiSaver, personal superannuation, institutional asset management, and retail funds management,” said Sam Stubbs, Chief Executive Officer of TOWER Investments.

“I am delighted with the calibre of our enlarged investment management team. We are optimistic about the long term prospects for KiwiSaver and are ready for growth.”

“We have achieved a highly desirable combination of internal promotions and external appointments that will bring the right mix of corporate culture, market experience and collective wisdom to our investment management team,” said Mr Stubbs.

“TOWER’s longstanding commitment to the value philosophy of investing will continue, as will our conservative approach to the financial markets,” said Mr Stubbs.

The following personnel have been confirmed as the investment managers of the TOWER Asset Management team, which reports to Mr Stubbs:

Head of Fixed Interest – Craig Alexander (internal promotion, Wellington office)

Head of Equities – Richard Stubbs (external appointment, no relation to Sam Stubbs)

Head of Property – Brent Buchanan (as before, Auckland head office)

Fixed Interest Manager – Andrew Lance (internal promotion, Auckland head office)

Equities Manager – Stephen Bennie (external appointment)

Investment Analyst – Kennedy Mangana (internal promotion, Wellington office)

Investment Analyst – Gordon Sims (external appointment)

Institutional Manager and Strategic Asset Allocation Analyst – Jamie Young (external appointment)

By early 2011, TOWER Asset Management’s investment managers will all be located on Level 8 of TOWER’s head offices at the TOWER Centre, 22 Fanshawe Street, in the Auckland CBD.

TOWER’s total funds under management are now NZ$4 billion and grew 8% in 2010. TOWER’s KiwiSaver funds under management are now above NZ$500 million.

ENDS

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