NZ financial services group signs $20m deal

New Zealand-based financial services group Tower is teaming up with IBM Australia to set up a new technology platform for Tower's funds management division.

Tower said IBM Global Services will provide an enhanced technology platform for its new investment administration centre, with most of the technology to be based around Australian integrator Powerlan's portfolio manager system.

The agreement is worth $20 million over the next 18 months, according to Tower Australia.

Tower's investment centre supports the company's range of products in Australia, including superannuation, portfolio management services and master trusts.

The contract with IBM covers work to be performed from this month until June 2004.

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