Tower pips ING for top funds award

Tower has scooped up the FundSource Fund Manager of the Year award today for excellence in funds management capability, with ING coming in as runner-up.

Tower Managed Funds chief executive Sam Stubbs is proud that Tower has now won the Fund Manager of the year award for four of the last six years.

"The proof of a good fund manager is not how well they do a specific year but how they manage funds every year. Tower has always had a long term philosophy in that you need to have consistent results."

He says it has been a year where people stopped looking at the fundamentals of investments and got emotional about it. He says people soon found that emotion has no part to play in managing money.

"We did nothing different this year, we bought what looked like good value, we avoided trends and fashions investing with long term value in mind and we bought what we could understand.

"We did the basics well, because that's the most important thing to focus on," he says.

Tower also took out two Fund Manager of the Year Sector awards: International equity and diversified balanced.

FundSource Head of Business Yvonne Davie says besides Tower's ability to retain investment personnel, consistent performance across various product sectors helped it regain the top position.

"Tower's investment philosophy and investment approach combines fundamental research with disciplined risk controls.

These are applied within a consistent and logical framework that assures accountability for results."

She says fund managers have worked incredibly hard at managing New Zealanders' money through a very volatile period and FundSource has been impressed by the efforts of managers to maintain open communications with advisers and investors alike.

"We believe it's appropriate to consider factors during the current period that haven't previously fallen within our criteria, for example, taking prudent action to secure funds under severe economic conditions.

"We've seen such actions from a number of New Zealand fund managers this year who have had funds affected by the global credit crisis."

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