[Weekly Wrap] What's left for TOWER?
It’s a move that has been a rumour for so long that we’d actually started to hear counter-rumours that TOWER and Fidelity were only spreading the rumour to put off their competitors.
TOWER says the move will allow it to focus on general insurance. It will have to - that's all it has left. At a recent shareholders’ meeting, there was anger over what shareholders saw as the company being gutted. It’s hard not to see this as another step in that direction. Already, there are comments on our initial story about the deal, asking what value there is left in the business.
But while some shareholders might not be very happy, things are looking bright for those who have been forced out of the TOWER fold.
Four members of TOWER Investments’ equities team are starting up a new funds management business, Castle Point. There was no space for the TOWER equities team in the new Fisher Funds organisation and it’s believed the four have asked former TOWER Investments boss Sam Stubbs to be their chief executive, although he's still serving out a period of "gardening leave".
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