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Tower takes stake in Mawson Group Australia

Tower takes stake in Mawson Group Australia

(Australia) - New Zealand financial services company Tower Ltd. has continued a push into the Australian market with the announcement that it has taken a 16 percent stake in Mawson Group Australia. Mawson is a financial dealership selling life insurance, securities, financial planning and asset management advice to its clients, and the deal will help Tower build up its position in the Australian wealth management industry.

The sale price for the stake was not disclosed.

The deal comes despite Tower's writedown on the value of other Australian investments as part of it's A$67 million loss announced last week.

The loss included a NZ$35 million writedown on the value of Bridge Financial Services, an Australian master trust business.

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