Tower turns
Tower Managed Funds has announced changes to its product range with the launch of a new fund, the closure of four funds and adding features to several others.
Tower Managed Funds has announced changes to its product range with the launch of a new fund, the closure of four funds and adding features to several others.
The new fund, the TOWER GAM Global Opportunities Fund has a minimum investment of $500,000 and will invest in worldwide shares (excluding Australian and New Zealand).
At the same time the Spotlight Emerging Europe, Spotlight Latin Amer-ica, CorporatePlus Income and Tasman Income Portfolio funds will close to new investments.
“The decision to close these funds resulted from our ongoing review of our range of funds and the market, which has shown that these funds offer limited growth prospects in the future,” Tower says.
Other changes include altering the asset allocation of the Multi Sector Fund and capping the MER of the BondPlus Fund at one per cent for the coming financial year.
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