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Huljich falls on his sword and resigns

Thursday 4th March 2010

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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.

More KiwiSaver News here



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