Tower's awesome international firepower
Philip Macalister outlines what impact the Deutsche Bank takeover of Bankers Trust will have on Tower's international equity fund which is managed by a Deutsche Bank subsidiary.
Tuesday, January 19th 1999, 12:00AM
Morgan Grenfell will continue to manage Tower's $39 million Global Equity fund despite its parent company, Deutsche Bank, taking over Tower rival Bankers Trust.
Tower Managed Funds managing director Jim Minto says Deutsche Bank's move on BT isn't likely to affect the management of the global fund.
A lengthy review of Morgan Grenfell's management of the global equity fund was completed last year before Deutsche Bank announced its takeover bid for BT.
The review concluded MG would be retained as manager, Minto says, and nothing has happened to change that decision.
"We don't have any concerns, today, with Morgan Grenfell," he says.
Minto says there has been comment that Tower was over-represented in the international sector with the MG-managed fund, plus the $32.4 million Global Gateway Fund which is managed by Global Asset Management (GAM).
He says the two funds are quite different and appeal to different types of investors.
"They are almost mutually exclusive," he says. "They don't necessarily cross-over."
Combined with the Spotlight range of four sector funds, the two Tortis international index funds and the GAM Multi-Trading fund, Tower has "the strongest set of international funds of anybody in the market".
"We have awesome firepower (in international funds)", Minto says.
He believes international equity funds are one part of the New Zealand market that will experience strong growth in the future.
| « BT to stay separate | Get your tax questions answered online » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
