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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, as the group continues to reassess its strategic position following a successful turnaround in the first half of the year.

Tower said the proposed spinoff 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, Tower stockholders would retain an ownership interest in the separate business.
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Title Annotation:Companies
Publication:Best's Review
Article Type:Brief Article
Geographic Code:8AUST
Date:Oct 1, 2004
Words:90
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