Peter Huljich has resigned as managing director of under fire KiwiSaver fund manager Huljich Wealth Management with Don Brash taking over, the company says.
Brash, currently chairman of Huljich, has taken over as MD and also chief investment officer of the company which manages the KiwiSaver funds of over 70,000 New Zealanders.
"In recent days, there have been a number of allegations about the way Huljich KiwiSaver Funds have been managed," Brash says. "Some of these allegations are unfair and some are untrue.
"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.
"Peter Huljich has accepted responsibility for these lapses and
has tendered his resignation as managing director and chief
investment officer."
As part of a Securities Commission probe,
Huljich had to rewritte its investor
statements for retirement fund returns after previous returns
did not show Huljich had made two personal payments totalling
$150,000 in periods ending March 2008 and March 2009 as
compensation for investment decisions he made.
The company says Huljich will no longer be on the investment
committee but will continue in a operations role.
His father, Chris Huljich, will replace him on the board.
Brash, formerly the Reserve Bank Governor, has taken an
indefinite leave of absence from the board of the ANZ National
Bank.
Huljich Wealth Management has more than $117 million invested on
behalf of more than 70,000 members.
