Tower signals single group life system
TowerAustralia has signalled it wants to move to a single group life system by the end of this year and overhaul and consolidate its underlying computer systems by 2009.
The company outlined the strategy this week as it detailed the arrangement for the geographic separation of the Australian and New Zealand businesses.
The company also announced that the launch of new retail and corporate superannuation offerings would be a key part of its business strategy.
It said that its new retail and corporate superannuation investment offerings would be launched through aligned distributions and independent financial advisers.
With respect to its underlying computer systems, the company said it was targeting the migration of six core IT systems into two by 2009.
The company said the rationale behind its de-merger was that the geographically separated Australian and New Zealand operations were expected to grow faster with focused strategies, simpler and easier to value businesses, and stronger balance sheets.
AUTHOR
Mike Taylor
Recommended for you
The RBA has made its latest interest rate decision at the the final monetary policy meeting of 2025.
State Street is actively seeking to launch ETFs in the Australian government, corporate and high yield bond space next year in order to capitalise on the phase-out of AT1 hybrids.
Greater consistency across the ASIC adviser exam has helped boost the number of first-time candidates this year with many opting to sit before undertaking a Professional Year.
Financial advice practice Eureka Whittaker Macnaught is in the process of acquiring three firms to boost its annual revenue to $25 million.
