News Round Up

Morningstar has decided to let Tower Managed Funds (TMF) keep its four star rating despite a restructuring and significant staff changes.

TMF outsources most of its asset management to sister company Tower Asset Management (TAM). Late last year TAM went through major changes that resulted in its offices in Sydney and Wellington being combined, with representation kept in both locations.

TAM NZ boss Paul Bevin became the managing director of the combined business and Craig Turnbull took over the chief investment officer role.

"Bevin’s appointment at the helm represents a particular advantage in respect to TAM’s Wellington-based team, with the established strengths of TAM in New Zealand likely to be protected and built upon under the new structure," Morningstar says.