Former Tower unit builds new net under US owner

Despite rumours to the contrary, the organisation formerly known as Tower Trust has no grand plans to build a major network.

Despite rumours to the contrary, the organisation formerly known as Tower Trust has no grand plans to build a major network.

Under its new owner, US-based investment company Sterling Grace, the former Tower Trust unit of insurance company Tower Corporation will indeed be building a new network. But provisional IT manager Bruce McPhail says it will not have international reach, nor will it cost several tens of millions of dollars.

The unit, taken over by Sterling Grace at the end of July, has reverted to its original name, Trustees Executors. It was called this before the 1989 Tower takeover.

When cut off from Tower it was also severed from the group’s IT and networking resources, and needs to re-equip.

Sterling Grace is active in Australia, Japan, Europe and the US, as well as New Zealand. There has been speculation that a Welllington networking company had obtained a huge contract for a network which might reach into some of those overseas territories.

But McPhail, in charge of the re-equipment project, says there are no current plans to link the planned New Zealand network with the overseas networks of Sterling Grace.

He declined to comment further on the network structure last week. He says more announcements will be made when the company brings Sterling Grace management to New Zealand.

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