Tower Trust positions for growth
By Craig Phillips
TowerTrust has appointed former JPMorgan executive Philip Joseph to head its corporate trust business and drive a new growth strategy aimed at increasing its presence in the property and equity custody space.
Joseph, who reports to Tower Wealth Management chief executive officer Andrew Barnes, will initially focus on expanding the business in the eastern states and in South Australia.
The growth strategy for Adelaide-based Tower Trust, which specialises in the provision of trustee services and advisory businesses, will target responsible entities of managed investment schemes seeking custodians to manage fund assets.
The trust business, which sits within the wealth management division of Tower, is expecting to lodge strong results for the financial year just ended, and according to Barnes, will now concentrate on building a platform for expansion in 2004-05.
The corporate trust business comprises trustee and custodian services for prescribed interest and managed investment schemes, debt issues and securitisation issues.
Barnes says the business has made a solid contribution to the broader group’s performance this year.
“The recent client appointments across the corporate trust business were underpinned by Tower’s sound corporate governance — a result of strong management, internal audit, risk management and compliance practices.”
Barnes says that beyond Joseph’s initial mandate to enhance the firm’s custody and securitisation services and products, he will be entrusted with growing the whole division.
“[Joseph] brings with him a wealth of industry expertise and knowledge as well as a strong track record in achieving growth in businesses under his leadership,” Barnes adds.
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