Bevin has led the Tower Asset Management team for 16 years during which time it has been established as New Zealand's leading wholesale fund manager.
Tower announced in September that it was merging its New Zealand operations into a single organisation under one chief executive - who has yet to be found.
It said that Tower New Zealand Insurance and Operations, run by chief executive Paul Hunt, and Tower New Zealand Investment Businesses, run by chief executive Paul Bevin, will merge under one umbrella.
Hunt and Bevin both said they are not interested in the new chief executive role.
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