Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Brash replaces Huljich after KiwiSaver lapses

Brash replaces Huljich after KiwiSaver lapses

March 4 (BusinessWire) – Auckland society pages regular Peter Huljich has stepped down as managing director and chief investment officer of the wealth management firm that bears his name to be replaced by chairman and former Reserve Bank governor Don Brash.

Huljich had faced mounting criticism and demands for regulator action after he revealed he had made top-ups from personal resources to improve the apparent investment performance of Huljich KiwiSaver funds.

The Securities Commission is already investigating the issue, which has also caused embarrassment for ratings agencies that reported the Huljich funds' performance without scrutiny.

Brash, who will take up the reins effective immediately, said Huljich “accepted responsibility for these lapses and tendered his resignation.”

Huljich will continue to have some responsibility for operational matters.

“It has become clear that the board has not been kept fully informed in a timely manner about certain transactions, and as a consequence Huljich Wealth Management has not lived up to the highest standards of transparency,” Brash said in a statement.

“I have agreed to become the managing director and chief investment officer with immediate effect, and we will actively seek an experienced director to take my position as chairman.”

Last month, Huljich Wealth Management updated its prospectus after allegations it transferred assets into its KiwiSaver funds at prices below fair value, prompting a Securities Commission investigation into the matter.

Clynton Hardy, a spokesman for the firm’s trustee Trustee Executors, said it welcomed the change, and was satisfied “all outstanding issues of potential concern to members had been rectified and disclosed.”

Chris Huljich will replace Peter Huljich on the firm’s board.

Brash will take an indefinite leave of absence from the board of ANZ National Bank, though no appointment will be made during this period, the bank’s general counsel and company secretary Debra Blackett said in a statement.

The roles and reputations of both Brash and another Huljich director, the Auckland mayor, John Banks, had been increasingly brought into question as the issue dragged on.

(BusinessWire) 11:53:05

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news