Huljich falls on his sword and resigns

Peter Huljich has stepped down as the managing director and chief investment officer at Huljich Wealth Management after a board review of the company's operations.

Thursday, March 4th 2010, 10:21AM 9 Comments

Independent director and former Reserve Bank governor Don Brash has taken over the two roles.

"In recent days, there have been a number of allegations about the way Huljich KiwiSaver Funds have been managed," Brash said. "Some of these allegations are unfair and some are untrue."

"But since I returned from overseas last week, the board has conducted a full review of our operations. 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. The independent directors are committed to following best business practice and accordingly have accepted that resignation.

"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.

"Mr Huljich will no longer be a member of the investment committee, but will continue to assist the company by taking responsibility for some areas of operational management in order to provide the necessary continuity."

Chris Huljich will replace him on the board.

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Comments from our readers

On 4 March 2010 at 10:44 am NS said:

A wise call from Brash & Banks
Peter Huljich is too tarnished to carry the mantel any longer

On 4 March 2010 at 10:46 am denis said:

Not good enough. Peter Hujlich has not fallen on his sword, he has leant slightly on a toothpick.

On 4 March 2010 at 11:02 am G said:

Come on the guy has broken some sort of law, real or in principle and all they do is fire him. The funds still report the same numbers which were jacked up and then he replaces himself with his brother. What a JOKE.

On 4 March 2010 at 11:59 am Spitting image said:

Funny, I was down at the Backbencher the other day and saw a PUPPET that looked just like Dr. Brash.

On 4 March 2010 at 1:55 pm bruce said:

This is a joke. His brother takes over, and he is still there. The old boys network in operation big time. How are we ever going to take these people seriously.

On 4 March 2010 at 6:43 pm Not Credible said:

I can't believe John Banks part in this ???. He is listed as a director but says he doesn't have day to day hands on -Does this mean if he becomes mayor of the Auckland Super City he will do the same. SHAME on you !!!. Don't vote for Banks, he can't be trusted!!!!

On 4 March 2010 at 9:08 pm Denim said:

Not Credible - that's a very suitable name for that rubbish post. How far do you want to stretch things. A million directors all over the world don't have a day-to-day hands on role. Google Manager.

Bruce, G, I'm pretty sure it's not his brother, pretty hard to take your tall poppy syndrome seriously when you can't even get your main facts right.

On 5 March 2010 at 12:50 pm Robert said:

Denim are you on the Bank PR payrole? Banks although he still lies about it was an Executive Director as stated on his business card and in the prospectus; he should know what's going on day to day. Banks cannot be Trusted it's the same as when he was involved in Bee Pollen and misled people. y

On 5 March 2010 at 3:37 pm Andy said:

How long before Brash & Banks run 100 miles to distance themselves from this sham. Huljich have been claiming that they have the best performing KiwiSaver funds in the market, which is clearly a lie. If you have been suckered in by these guys transfer your funds to another provider ASAP!!!... oh yeah and Chris Huljich is Peter's dad and has NO experience in funds management that i'm aware of.