New Zealand's insurance firm Tower Ltd. said its investment arm was sold to fund manager Fisher Funds in a NZ$79 million deal as it nails down its business focus, the company announced.

The deal was concluded after the divestment of Tower's health insurance business to Australia's private insurer NIB Holdings Ltd. in November last year.

Fisher Funds is set to purchase the investments of Tower as an independent business, the two companies confirmed in a statement.

Tower, which had been the third largest retail fund manager in the country, divulged that it would continue reviewing other opportunities to get value for shareholders as part of its strategic assessment that took in 2012.

Fisher Funds is owned by New Zealand, managing over NZ$1.4 billion in assets.