COK Sodality partners with MoneyMasters
Published:Sunday | September 26, 2010 | 12:00 AM
COK Sodality has purchased a 25 per cent stake in the three-year-old securities firm MoneyMasters Limited, giving its over 230,000 members access to an expanded suite of investment offerings.
Both parties refused to disclose the purchase price, and details of the transactions are still being finalised.
"It's part of our strategic positioning of COK Sodality for growth," said Jacqueline Mighty, chief executive officer of COK Sodality.
"It is a good marriage for both companies and will afford us more access- a wider distribution for our products," said Claudette Crooks, president of MoneyMasters Limited.
"A MoneyMasters-COK Sodality partnership will allow for wider cost-effective distribution of the company's investment products through COK Sodality's branch network, and will provide the opportunity for the development and distribution of a wider array of wealth-management products," Crooks added.
Crooks and Dennis Hickey, the company's vice-president of marketing and business development, are the other two significant shareholders of MoneyMasters Limited.
MoneyMasters services
MoneyMasters Limited, based on Trafalgar Road, got its securities dealer's licence in February 2007. It offers a suite of investment and wealth-management services, including bond trading, equities, fixed income, and cambio trading.
With the purchase, COK Sodality will now appoint two members to the MoneyMasters Board of Directors who will be involved in driving the policy direction of the firm.
The partnership will see MoneyMasters establishing a presence in COK Sodality offices across the island which will have the necessary infrastructure to roll out the suite of wealth-management products to the credit union members.
"We expect that this strategic alliance between COK Sodality and MoneyMasters Limited will enhance our push in the diaspora for our members, who would now be able to have access to foreign- currency instruments," Mighty explained.
In a similar manner, MoneyMasters Limited will be promoting COK Sodality services, mainly its pension -fund product, Mighty said.
By the end of this year, the companies expect to put the agreement into effect.