About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Saturday, April 25th, 10:05AM
rss
Latest Headlines

Rich ousted from Morningstar

Graham Rich has lost his position as head of Morningstar Research in Australia and New Zealand.

Monday, November 26th 2001, 6:46AM

Graham Rich has lost his court battle to keep his job as the head of Morningstar Research in Australia and New Zealand.

The board of Morningstar Research Pty ousted Rich on Saturday after he lost a battle in court.

Rich sought an interlocutory injunction preventing Morningstar Research Pty Ltd's majority shareholder, Chicago-based Morningstar Inc, from removing him from office. The New South Wales Supreme Court set the injunction aside, paving the way for Rich's dismissal.

Bevin Desmond has been appointed the head of Morningstar Inc's international division, and Tao Huang, its chief operating officer, as joint managing directors until a permanent replacement can be found.

Morningstar Inc said, in a statement, it believed it would be "more effective in delivering Morningstar's products and services to the investment community with new leadership in place".

Chairman and chief executive, Joe Mansueto, said: "Graham Rich has made an important contribution to the Australasian financial community, which is why we sought to work with him in the first place. We are disappointed that our venture did not produce the results we had expected and that a management change was necessary."

Morningstar Inc sought to dismiss Rich as it alleged the business was in financial trouble with a pile of debt, and that it had been insolvent for a month.

Rich argued the company was not in financial trouble.

He plans to launch unfair dismissal proceedings against the company. Also he says that he will continue with his court action alleging that Morningstar had used its majority shareholding in Morningstar Research in an oppressive manner.

« Morningstar on the brink of liquidationSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • FMA asks: What's your plan?
    “@brent: for that reason, we can safely bet fma will NEVER hire an ex-adviser for fear of exposing their poor understanding...”
    14 hours ago by w k
  • Poor turnaround times hurt advisers
    “Once upon a time in the not too distant past, bank branch mangers approved all home loan apples including those of broker...”
    21 hours ago by michaelb
  • Advocates let advisers get on with business of advising: Kelly
    “Great service from IA, I've used them to good effect when the need for good legal representation is required. This is where,...”
    1 day ago by RiskAdviser
  • FMA asks: What's your plan?
    “I look forward to an investigation report from the FMA on miss-selling by banks and other conflicted institutions (QFEs)...”
    1 day ago by R1
  • FMA asks: What's your plan?
    “Good points WK and Pragmatic. I was going to say that the fundamental lack of knowledge of retail advisory exhibited by...”
    1 day ago by Brent Sheather
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 6.74 5.99 5.99 6.29
ANZ Special - 5.49 5.39 5.79
ASB Bank 6.75 5.99 5.99 6.39
ASB Bank Special - 5.59 5.39 5.45
BankDirect 6.75 5.99 6.09 6.39
BankDirect Special - 5.59 5.39 ▼5.39
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Special - - - -
BNZ - Std, FlyBuys 6.74 5.49 5.39 5.55
BNZ - TotalMoney 6.74 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.95 5.99 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.39 5.69
HBS Special - 5.59 5.19 5.49
Heartland 6.70 7.00 7.25 7.85
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.70 5.70 5.40 -
Housing NZ Corp 6.74 5.70 5.99 6.29
HSBC Premier 6.84 5.65 5.65 5.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 ▼5.59 6.09 6.29
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank Special - - 5.39 ▼5.39
Liberty - - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.29
Perpetual Trust 7.70 - - -
Resimac 6.59 5.88 5.86 5.90
SBS Bank 6.65 5.69 5.39 5.69
SBS Bank Special - 5.59 5.19 5.49
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.09 6.29
Sovereign Special - 5.59 5.39 ▼5.39
The Co-operative Bank 6.70 5.59 5.39 ▼5.49
Lender Flt 1yr 2yr 3yr
TSB Bank 6.74 5.70 5.70 6.00
TSB Special - - 5.35 5.60
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 5.99 5.99 5.99
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.39 5.89
Median 6.70 5.81 5.95 5.89

Last updated: 23 April 2015 9:40pm

News Quiz

How many offers have so far been listed on the Government's new Disclose website?

1

4

10

14

41

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com