New boss for TOWER Investments

Former Hanover Finance chief executive Sam Stubbs, who shocked the business world in November by announcing his resignation, has today been appointed leader of TOWER's investment business.

Rob Flannagan, TOWER Group's chief executive said, "the role of chief executive of TOWER's Investment business is a pivotal one. The appointment of Sam Stubbs to head our investment team is significant as his industry experience and demonstrated leadership, partnered with his first-class market track record, will bring major benefits to TOWER, its shareholders and clients."

Stubbs knows the investment industry "inside out", he says.

In 1997-2006 he held leadership roles with Goldman Sachs in London and Hong Kong, most recently as an exclusive consultant to Goldman Sachs Asia overseeing high level consultation with key clients on business and investment strategies. Prior to that, he has been Head of Hedge Fund Services (Asia ex Japan) and responsible for the sale of Asian equities' securities and initial public offerings in continental Europe.

Stubbs finishes his employment with Hanover on December 31 and will start with TOWER on February 4.

TOWER chairman Tony Gibbs says, "I have known of Sam Stubbs for many years and am delighted that he is joining our company. I completely endorse his appointment."