2 Aug 2011

Tower winding up three funds

6:40 am on 2 August 2011

Tower Investments is winding up three of its funds because they have shrunk too much after investors withdrew their money.

Tower says it has frozen its Global Gateway Fund, Tower Hedge Fund, and Tower Global Commodities Fund and will return investors money.

Chief executive Sam Stubbs says the number of unit trusts has fallen as KiwiSaver has grown.

Meanwhile, the AM Best credit rating agency says it has affirmed the ratings of Tower Health & Life, Tower Insurance, Tower Life, and Tower.