WELLINGTON Feb 26 New Zealand insurer Tower Ltd
has sold its investment arm to fund manager Fisher
Funds for NZ$79 million ($66.18 million) as the company narrows
its business focus, the company said on Tuesday.
The sales follows Tower's divestment of its health insurance
business to Australian private insurer NIB Holdings Ltd in
The New Zealand-owned Fisher Funds, which manages more than
NZ$1.4 billion in assets, will buy Tower Investments as a
stand-alone business, the companies said in a statement.
Tower said it would continue to assess other opportunities
to obtain value for shareholders as part of its strategic review
undertaken last year.
Tower had been the third-largest retail fund manager in New
Zealand and is the second-largest health insurer.
Formerly operating as one company in New Zealand and
Australia, Tower split into separate listed companies in
November 2006, as the two companies followed different business
($1 = 1.1937 New Zealand dollars)