From Monday Minto will be the managing director of Tower Health (formerly National Insurance Life & Health), replacing Martin Thomas who has been in the role for sixyears.

Minto has been in the trust business for nearly 30 years and for the past 11 years has headed up Tower Trust (formerly Trustees Executors). A year ago he replaced Peter Fredricson as the managing director of TMF (formerly Tower Trust Services).

During the year TMF has merged its range of managed funds with Tower Trust, and it has rationalised the product line-up. Also during the year Tower Trust has formed an alliance with international software provider DST.

According to research house Morningstar TMF was the only fund manager to have more than one fund among the top 10 unit trusts and group investment funds by total returns over the September quarter. The Tower Spotlight Emerging Europe Fund produced a 3.83 percent non-annualised return, and the Tower Global Fund (the best-performing internationally diversified share fund) produced a 2.68 percent non-annualised return.

TMF Spotlight Asia Fund has also been the top performing trust for the 12 months to September 30, with a 60.53 percent return.

Minto says TMF has improved its profit by 60 per cent in the past year.

He says Tower wants to place a lot of "strategic emphasis" on its health business and grow it significantly.

Minto will maintain a watching brief of TMF and Tower Trust while the group finds someone to fill the dual managing director role.