Fisher Funds Completes Acquisition of Tower Investments

Media Statement for immediate release:

Fisher Funds Completes Acquisition of Tower Investments

Fisher Funds today completed the $79 million acquisition of TOWER Investments from TOWER Limited to create the largest New Zealand owned and managed KiwiSaver provider with 269,000 customers and $5.5 billion under management.

“We are proud of Fisher Funds’ journey to date, one that has seen us attract a large and loyal client base as a result of excellent investment returns and our commitment to servicing our clients. We look forward to extending this high quality customer service to all TOWER Investments clients,” Fisher Funds Managing Director Carmel Fisher says.

“Immediately there will be few changes for TOWER clients as we spend time fully understanding the business. Over the next twelve months, we will select the superior elements from both the TOWER and Fisher Funds offerings to provide a range of best in class Fisher Funds branded products and services for current and future clients to choose from. As we go through the process we will of course keep our clients fully informed, explaining the impact and benefit of any changes.”

TOWER Investments is the fourth KiwiSaver provider acquired by Fisher Funds in the last three years taking its market share to approximately 10 per cent.

The acquisition of TOWER Investments was fully funded by bank debt, Fisher Funds existing shareholders and the addition of TSB Bank as a 26 per cent shareholder. No client funds were used to fund the purchase.

“We are particularly pleased to welcome TSB Bank as a Fisher Funds shareholder as a result of this transaction. The partnership with TSB Bank brings together two organisations with a focus on providing excellent customer service and creates opportunities to provide KiwiSaver options to the bank’s customers. We look forward to pursuing the benefits that arise for clients and our businesses alike.” Carmel Fisher says.

2 April 2013

ENDS

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