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

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news