• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • Resources
    • Industry events
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Briefs: Co-Op Money chair steps down, Rich and dissatisfied

30 November 2018 5:07PM
The chair of the troubled New Zealand industry association for member-owned credit unions has stood down, citing other work commitments. Claire Matthews will be replaced as Co-Op Money chair by Richard Westlake, a former adviser to the board who joined it as an independent director in July. The change was made quietly, happening as Co-Op Money saw its credit rating downgraded by Fitch Ratings from BB to B+ over tight liquidity, weakening capitalisation and poor profitability outlook. Satisfaction with their wealth managers remains at considerably lower levels among the high net wealth individuals in the APAC region - including for Australia - compared to the rest of the world, according to Capgemini's Asia-Pacific Wealth Report 2018. (HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.) This is despite also recording the most favourable conditions.  Ultra-HNWIs (with investible assets exceeding US$30 million) were the least satisfied investor class despite the high returns being delivered. Concerns over the lack of holistic services from wealth management firms; perceived low value-add management fees; and a low personal connection with wealth managers were top reasons for this discontent. The report covers Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, South Korea, Thailand, and Taiwan.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use