MEMBERS of COK Sodality Co-operative Credit Union are to have access to an expanded suite of investment instruments, resulting from a strategic alliance between the Credit Union and MoneyMasters Limited.
COK Sodality CEO Jacqueline Mighty said in a press release on Friday that the alliance is part of the "strategic positioning" of COK Sodality for growth.
She pointed out that the company had recognised for some time that there were members who would prefer to access a greater choice of investment products through their credit union.
"We therefore sought alternative means of doing this more cost-effectively, and in a manner that would immediately solidify COK Sodality's position as the credit union which is offering and distributing the widest range of investment products," explained Mighty.
The alliance brings with it the necessary infrastructure to allow COK Sodality to roll out the suite of wealth management products to its members through MoneyMasters Limited's cadre of professionals who have an impressive level of investment expertise, twinned with a sound track record, within the investment marketplace.
"In addition to the anticipated benefits already outlined, 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," said Mighty.
In commenting on the alliance, MoneyMasters president Claudette Crooks welcomed the initiative and suggested that there were obvious synergies to be maximised. She said that "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 also noted that COK Sodality, with its strong and respected brand, when combined with the MoneyMasters brand and expertise, should instill greater confidence among its clients.
Mighty and Crooks concurred that through the partnership, both organisations will be able to immediately begin the process of establishing investment windows throughout the COK Sodality branch network.