While Fisher has gobbled up a few smaller KiwiSaver schemes, such as First New Zealand, NZ Credit Unions and Huljich, this deal is defining as it includes a big KiwiSaver book and Tower is three times the size of Fisher Funds.

Add to that there are also funds that Fisher has no experience in: wholesale mandates, property, including direct property (assets such as Christchurch’s Merrivale Mall and Bayfair in Tauranga) and books of insurance business.

Perhaps one of the most fascinating things is that Fisher has steadfastly pinned its colours to the growth investment strategy; however Tower is a value-orientated fund manager.

This is a massive mismatch of investment styles. How they will be put together will be watched closely by the investment management market.

While there are all these investment issues there is also the question of how does a business digest something three times it size? It’s a huge task, no matter how successful the business has been to date.

The clear concensus is that the price was a good deal for Fisher. No doubt it wasn’t bad for Tower’s shareholders. After all cornerstone shareholder GPG isn’t renowned for giving assets away.

The role of TSB is probably the most interesting. We don’t know how much the bank paid for its 27% stake or any other details of the transaction.

Just as interesting is that that you have one of New Zealand’s successful entrepreneurs teaming up with a bank. All banks are conservative and little old Taranaki-based TSB is no different.

It’s a mix of styles which could be described as oil and water. But there is a sensible answer to the question of why.

This looks a lot like Carmel and Hugh Fisher’s exit strategy for the business.

Don’t be surprised if this just becomes another example of a bank adding a wealth management business to its books.

Also don’t be surprised to see the Fisher brand name disappear over time. Just like Tower’s is disappearing now.