Tower makes it two in a row

Tower Managed Funds continued to shrug off the distraction of the restructuring of its parent company to take out researcher Fundsource's Fund Manager of the Year Award for the second consecutive year.

FundSource general manager Binu Paul said it was especially impressive that TMF had been able to maintain its high standards during the shakeup at Tower Group over the past 18 to 36 months.

"Even through all of that, what has really benefited them is that they've been able to retain their key people."

The awards are judged on fund managers' qualitative aspects as well as their returns.

"This is the one that we want to win," said Tower Investments chief executive Tony Hildyard.

"The Fundsource awards are pretty analytical, they're independent, qualitative and quantitative. They look at our people and our processes. Some of the other awards out there are popularity contests."

Hildyard also referred to the strength of the TMF core team.

"Tower Asset Management, which is where the core fund-management guys have been, has been a fairly successful company for a number of years, and when you're successful, that insulates you a little bit from some of the other goings-on in the company."

FundSource said TMF's investment philosophy and approach combined fundamental research with disciplined risk controls. "These are applied within a consistent and logical framework that ensures accountability for results while maintaining an impressive record of personnel stability."

Paul said the awards were an indication of track record. "While we wouldn't expect it to form a recommendation to invest in them, it's really highlighting the fact that they have been high performing relative to other people in the industry."