Sharechat Logo

Huljich sold KiwiSaver business for $20.9 million

Friday 27th January 2012

Text too small?

Huljich Wealth Management accounts reveal the KiwiSaver fund management company associated with politicians John Banks and Don Brash was sold to Fisher Funds for $20.9 million.

Fisher Funds said in March last year the Huljich KiwiSaver Scheme would be transferred to the Fisher Funds KiwiSaver Scheme, making Fisher Funds one of the largest non-default KiwiSaver schemes in the country.

Huljich Wealth Management was set up in 2007 by Peter Huljich, ACT MP Banks and former National Party and former ACT leader Brash.

In 2010, Huljich stepped down as managing director amid mounting criticism he had topped up funds from his personal resources in a way that artificially boosted their performance figures. He later pleaded guilty to a charge of misleading investors and was fined almost $113,000.

The accounts for the 14 months to May 31, 2011 filed to the Companies Office show share capital of $1,000 and retained earnings of $9.6 million.

Final approval of the sale was received on May 17 and about 87,000 eligible Huljich KiwiSaver members with entitlements of $191 million were transferred to the Fisher Funds KiwiSaver Scheme.

The business sold to Fisher Funds was the majority of the company’s operations. It retained responsibility to collect debtors and realise payables under the terms of the sale.

The proceeds of $20.9 million were reduced by a $4.29 million write-off of fees, by stamp duty and losses on vehicles sold. This left a gain on the disposal of the business of $16.53 million.

The accounts show other income of $17.2 million, including the proceeds, and just $5.34 million of operating revenue.

The business made a profit of $13.5 million in the 14 months to May 31, 2011 compared to a loss of $771,737 last year.

(BusinessDesk)

BusinessDesk.co.nz

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Booster tests waters with NZX listing of private property trust
Liquidation can be sought on small debts, appeal court finds
House price inflation rekindles but low sales volumes suggest caution
Liquidators estimate $16m shortfall from Stanley-Tallwood collapse
Manufacturing contraction extends into August
House price inflation rekindles but low sales volumes suggest caution
13th September 2019 Morning Report
Tamarind halts Tui drilling; OMV assesses options
NZ weaker as ECB package, inflation data lifts greenback
MARKET CLOSE: Z Energy, Synlait crash on earnings downgrades

IRG See IRG research reports