Huljich family: Difference between revisions
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==Huljich Wealth Management== |
==Huljich Wealth Management== |
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The three Huljich brothers met [[John Banks (New Zealand)|John Banks]] in the 1970s when they frequented his cafe.<ref name="HuljichWealth">Jenni McManus, [http://findarticles.com/p/news-articles/sunday-star-times-wellington-new-zealand/mi_8185/is_20070701/brash-friends-bank-cullens-kiwisaver/ai_n51661089/ "Brash and friends bank on Cullen's KiwiSaver"], ''Sunday Star Times'', 01 July, 2007.</ref> In 2007, '''Peter Huljich''', son of Chris, with the support of Banks and former National Party leader and Reserve Bank Governor [[Don Brash]] set up a "boutique funds management company" in downtown Auckland, partly to manage the Huljich family's extensive investment portfolio. The operating company, [[Huljich Wealth Management (NZ) Ltd]], also established three [[KiwiSaver]] funds to target "high net-worth individuals although smaller investors can gain access through KiwiSaver or through the balanced fund". John Banks said he, Brash and the Huljichs "would be fairly choosy about who invests with us".<ref name="HuljichWealth"/> In 2010, Peter Huljich admitted responsibility for "lapses" in investment practice when he topped up the company's KiwiSaver fund with money from Huljich family funds to make up for losses incurred in order to retain the fund's favourable market performance figures.<ref name=dp>{{cite news |url=http://www.stuff.co.nz/dominion-post/business/3437955/Huljich-fund-gives-clients-exit-offer |title=Huljich fund gives clients exit offer | newspaper=Dominion Post|date= March 12, 2010|author=Jenni McManus|accessdate=2010-07-23 }}</ref> Peter Huljich's management role was taken over by the company's chairman, Don Brash and Hulich was replaced on the Board of the company by his father, Chris Huljich.<ref name="Huljich_resigns"/><ref name=dp/> |
The three Huljich brothers met [[John Banks (New Zealand)|John Banks]] in the 1970s when they frequented his cafe.<ref name="HuljichWealth">Jenni McManus, [http://findarticles.com/p/news-articles/sunday-star-times-wellington-new-zealand/mi_8185/is_20070701/brash-friends-bank-cullens-kiwisaver/ai_n51661089/ "Brash and friends bank on Cullen's KiwiSaver"], ''Sunday Star Times'', 01 July, 2007.</ref> In 2007, '''Peter Huljich''', son of Chris, with the support of Banks and former National Party leader and Reserve Bank Governor [[Don Brash]] set up a "boutique funds management company" in downtown Auckland, partly to manage the Huljich family's extensive investment portfolio. The operating company, [[Huljich Wealth Management (NZ) Ltd]], also established three [[KiwiSaver]] funds to target "high net-worth individuals although smaller investors can gain access through KiwiSaver or through the balanced fund". John Banks said he, Brash and the Huljichs "would be fairly choosy about who invests with us".<ref name="HuljichWealth"/> In 2010, Peter Huljich admitted responsibility for "lapses" in investment practice when he topped up the company's KiwiSaver fund with money from Huljich family funds to make up for losses incurred in order to retain the fund's favourable market performance figures.<ref name=dp>{{cite news |url=http://www.stuff.co.nz/dominion-post/business/3437955/Huljich-fund-gives-clients-exit-offer |title=Huljich fund gives clients exit offer | newspaper=Dominion Post|date= March 12, 2010|author=Jenni McManus|accessdate=2010-07-23 }}</ref> Peter Huljich's management role was taken over by the company's chairman, Don Brash and Hulich was replaced on the Board of the company by his father, Chris Huljich.<ref name="Huljich_resigns"/><ref name=dp/> In taking over Peter Huljich's executive roles, Don Brash admitted that the business had not been transparent but also pointed out that a number of allegations about the way Huljich KiwiSaver Funds had been managed were unfair and untrue.<ref name="NBRRichList2010"/> |
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==Notes== |
==Notes== |
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Revision as of 23:31, 31 July 2010
The Huljich brothers: Chris Huljich (Christopher Peter) (b. 1950), Paul Huljich (Paul Richard Huljich) (b. 1952) and Michael Huljich (b. 1957) are Auckland manufacturers, merchants, entrepreneurs, rentiers and philanthropists.
Background
The Huljich brothers, sons of an Auckland restaurant proprietor turned urban developer, grew up in Auckland, and were educated at St Peter's College.[1]
Business
The Huljich brothers founded a food manufacturing business, at first under the name Top Hat Bacon, in the 1980s[2] specialising in small goods (e.g. processed meats bought from a delicatessen, such as bacon, sausages, pâté and salami). This enterprise grew into the Best Corporation which operated an important segment of the market in New Zealand and owned considerable assets in Australia.[3] In the late 1990s the three brothers sold Best Corporation to French food company Groupe Danone and also sold valuable Australian assets.[4]
Wealth
Following the sales, the Huljich family's wealth was estimated to be $70 million and the family was the seventh richest family on New Zealand.[5] Some of this wealth went on building. In the late 1990s, Paul Huljich completed a modernist mansion of three floors in Auckland called "Wentworth", that cost almost $20 million. It was described as "perhaps the most expensive house built in New Zealand during the late twentieth century"[3] as one of the biggest house built in New Zealand.[6] In 2010 the Huljich family is reported to be worth about $125 million. [7]
Huljich Wealth Management
The three Huljich brothers met John Banks in the 1970s when they frequented his cafe.[8] In 2007, Peter Huljich, son of Chris, with the support of Banks and former National Party leader and Reserve Bank Governor Don Brash set up a "boutique funds management company" in downtown Auckland, partly to manage the Huljich family's extensive investment portfolio. The operating company, Huljich Wealth Management (NZ) Ltd, also established three KiwiSaver funds to target "high net-worth individuals although smaller investors can gain access through KiwiSaver or through the balanced fund". John Banks said he, Brash and the Huljichs "would be fairly choosy about who invests with us".[8] In 2010, Peter Huljich admitted responsibility for "lapses" in investment practice when he topped up the company's KiwiSaver fund with money from Huljich family funds to make up for losses incurred in order to retain the fund's favourable market performance figures.[9] Peter Huljich's management role was taken over by the company's chairman, Don Brash and Hulich was replaced on the Board of the company by his father, Chris Huljich.[7][9] In taking over Peter Huljich's executive roles, Don Brash admitted that the business had not been transparent but also pointed out that a number of allegations about the way Huljich KiwiSaver Funds had been managed were unfair and untrue.[2]
Notes
- ^ Rick Maxwell, St Peter's College, Auckland, Simerlocy Press, Auckland, 2008, pp. 20 and 38 (Note 188).
- ^ a b The National Business review, Rich List, Auckland, 2010, p. 45
- ^ a b Stevan Eldred-Grigg, The Rich: A New Zealand History, Penguin Books, Auckland, 1996, pp. 216 and 217
- ^ Fiona Rotherham, "Huljichs' Sydney bail-out signals return to bacon makin'", The Independent , 16 December 1998, Page 1.
- ^ Graeme Hunt, The Rich List: Wealth and Enterprise in New Zealand, 1820-2003, 2nd Edition, 2003, p. 243.
- ^ Graeme Hunt, p. 258ff.
- ^ a b Nick Churchouse, "Huljich steps down over KiwiSaver irregularities", The Dominion Post, 05 March 2010, Edition 2, Page 1.
- ^ a b Jenni McManus, "Brash and friends bank on Cullen's KiwiSaver", Sunday Star Times, 01 July, 2007.
- ^ a b Jenni McManus (March 12, 2010). "Huljich fund gives clients exit offer". Dominion Post. Retrieved 2010-07-23.