The news has just come through that Tower has sold it's total investment business to Fisher Funds, including it's KiwiSaver
This raises quite a few questions:
1. What will Sam Stubbs do now? He has had quite a high profile in relation to KiwiSaver, but is there room for him and Carmel Fisher at the same place?
2. Where is Fisher getting all it's funding from, having purchased Hujlich last year? $79 million required to fund this purchase. TSB have taken a 26% shareholding in Fisher Funds. Must be quite a lot of money in Funds Management... what does this mean for the investors if Fisher Funds can generate enough income to front up with this much money.
3. What will this mean for Towers default status as a KiwiSaver provider - does this go to Fisher as well?
4. How will Carmel Fisher handle having an institution as a shareholder?
Fisher Funds buys Tower for $79m with help from new shareholder TSB
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By Carey Church