Tower Ltd. to spin off wealth management unit.Australian specialty insurer and wealth-management company Tower Ltd. said it will spin off its wealth-management business in Australia through a separate listing on the Australian Stock Exchange Australian Stock Exchange (ASX) Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. , as the group continues to reassess reassess Verb to reconsider the value or importance of reassessment n Verb 1. reassess - revise or renew one's assessment reevaluate its strategic position following a successful turnaround in the first half of the year. Tower said the proposed spinoff Spinoff A new, independent company created through selling or distributing new shares for an existing part of another company. Notes: Spinoffs may be done through a rights offering. of the Australian wealth-management operations, known by the brands Brides and Tower Trust, was the result of a "strategic review of its business portfolio." Through the spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. , Tower stockholders would retain an ownership interest in the separate business. |
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