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

 

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>


BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

TDDA: State-Of-The-Art Drug Testing Laboratory To Open In Auckland

World leading drug testing agencies, The Drug Detection Agency (TDDA) and Omega Laboratories, open New Zealand laboratory More>>

Network: Bigpipe Launches Ultra-Fast Broadband Into Wellington

Bigpipe Launches Ultra-Fast Broadband into Wellington Naked broadband provider Bigpipe has extended its national reach, announcing today, the launch of its unlimited UFB offering into Wellington. The Spark Venture business is giving Wellingtonians the ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news