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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'', 1 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. The company targeted "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 2009, Huljich Wealth Management was the largest 100% owned New Zealand-owned KiwiSaver provider in the country.<ref name="NBRRichList2010"/>
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'', 1 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. The company targeted "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 2009, Huljich Wealth Management was the largest 100% owned New Zealand-owned KiwiSaver provider in the country.<ref name="NBRRichList2010"/>


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 (he made two payments of $150,000 to cover poor investments<ref name="NBRRichList2010"/>) 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> His 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, 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"/> Brash left the firm and sold his shares in October 2010. John Banks then took over the management role.<ref>{{cite news|url=http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10688553|title=Huljich faces charges over KiwiSaver|newspaper=New Zealand Herald|date= November 19, 2010|author=Tamsyn Parker|accessdate=2010-11-19}}</ref> The [[Securities Commission of New Zealand|Securities Commission]] laid criminal charges against Huljich Wealth Management and director Peter Huljich on 18 November 2010. <ref>{{cite news |url=http://www.stuff.co.nz/dominion-post/business/4359306/Huljich-faces-criminal-charges|title=Huljich faces criminal charges|newspaper=Dominion Post|date=November 18, 2010|author=Roeland van den Bergh|accessdate=2010-11-18}}</ref> In March 2011 Huljich Wealth Management sold its KiwiSaver business to Fisher Funds Management Limited.<ref>[http://kiwisaver.fisherfunds.co.nz/compare-kiwisaver-performance/?gclid=CKLOtt33j60CFYqCpAodF2o6nQ Fisher Funds website] (retrieved 20 December 2011)</ref> Chairman John Banks explained that the shareholders had decided to move on from the KiwiSaver business, "recognising that increasing compliance costs and regulation would change the KiwiSaver landscape in future years".<ref>[http://www.nbr.co.nz "Huljich hands fund over to Fisher Funds", ''The National Business Review'', April 1, 2011, p. 1.] (retrieved 1 April 2011)</ref> In December 2011, Peter Huljich and the company (now called HWM NZ Holdings) were convicted. Huljich was fined $112,500 and the company $239,000 (plus $95,000 to be paid to the prosecution ([[The Crown]] ''via'' the [[Financial Markets Authority (New Zealand)|Financial Markets Authority]] which had replaced the Securities Commission on 1 May 2011) for court costs.<ref>[http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10774293 Hamish Fletcher, "Huljich fined for misleading KiwiSavers", ''New Zealand Herald'', 20 December 2011] (retrieved 20 December 2011).</ref>
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 (he made two payments of $150,000 to cover poor investments<ref name="NBRRichList2010"/>) 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> His 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, 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"/> Brash left the firm and sold his shares in October 2010. John Banks then took over the management role.<ref>{{cite news|url=http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10688553|title=Huljich faces charges over KiwiSaver|newspaper=New Zealand Herald|date= November 19, 2010|author=Tamsyn Parker|accessdate=2010-11-19}}</ref> The [[Securities Commission of New Zealand|Securities Commission]] laid criminal charges against Huljich Wealth Management and director Peter Huljich on 18 November 2010. <ref>{{cite news |url=http://www.stuff.co.nz/dominion-post/business/4359306/Huljich-faces-criminal-charges|title=Huljich faces criminal charges|newspaper=Dominion Post|date=November 18, 2010|author=Roeland van den Bergh|accessdate=2010-11-18}}</ref> In March 2011 Huljich Wealth Management sold its KiwiSaver business to Fisher Funds Management Limited.<ref>[http://kiwisaver.fisherfunds.co.nz/compare-kiwisaver-performance/?gclid=CKLOtt33j60CFYqCpAodF2o6nQ Fisher Funds website] (retrieved 20 December 2011)</ref> Chairman John Banks explained that the shareholders had decided to move on from the KiwiSaver business, "recognising that increasing compliance costs and regulation would change the KiwiSaver landscape in future years".<ref>[http://www.nbr.co.nz "Huljich hands fund over to Fisher Funds", ''The National Business Review'', April 1, 2011, p. 1.] (retrieved 1 April 2011)</ref> In December 2011, Peter Huljich and the company (now called HWM NZ Holdings) were convicted. Huljich was fined $112,500 and the company $239,000 (plus $95,000 to be paid to the prosecution ([[The Crown]] ''via'' the [[Financial Markets Authority (New Zealand)|Financial Markets Authority]] which had replaced the Securities Commission on 1 May 2011) for court costs.<ref>[http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10774293 Hamish Fletcher, "Huljich fined for misleading KiwiSavers", ''New Zealand Herald'', 20 December 2011] (retrieved 20 December 2011).</ref> Peter Huljich rejoined HWM's board as the sole director in August 2011.<ref>William Mace, "Huljich cops big fine over 'honest mistake'", ''The Dominion Post'', Wednesday, 21 December 2011, p. B6.</ref>


==See also==
==See also==

Revision as of 01:18, 21 December 2011

The Huljich brothers: Christopher Peter "Chris" Huljich (b. 1950), 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 various pork products or 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] 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] and as one of the biggest house built in New Zealand.[6] In 2010 the Huljich family was reported to be worth about $125 million.[7]

Huljich Wealth Management (HWM NZ Holdings)

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. The company targeted "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 2009, Huljich Wealth Management was the largest 100% owned New Zealand-owned KiwiSaver provider in the country.[2]

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 (he made two payments of $150,000 to cover poor investments[2]) to make up for losses incurred in order to retain the fund's favourable market performance figures.[9] His 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, 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] Brash left the firm and sold his shares in October 2010. John Banks then took over the management role.[10] The Securities Commission laid criminal charges against Huljich Wealth Management and director Peter Huljich on 18 November 2010. [11] In March 2011 Huljich Wealth Management sold its KiwiSaver business to Fisher Funds Management Limited.[12] Chairman John Banks explained that the shareholders had decided to move on from the KiwiSaver business, "recognising that increasing compliance costs and regulation would change the KiwiSaver landscape in future years".[13] In December 2011, Peter Huljich and the company (now called HWM NZ Holdings) were convicted. Huljich was fined $112,500 and the company $239,000 (plus $95,000 to be paid to the prosecution (The Crown via the Financial Markets Authority which had replaced the Securities Commission on 1 May 2011) for court costs.[14] Peter Huljich rejoined HWM's board as the sole director in August 2011.[15]

See also

Notes

  1. ^ Rick Maxwell, St Peter's College, Auckland, Simerlocy Press, Auckland, 2008, pp. 20 and 38 (Note 188).
  2. ^ a b c d The National Business Review, Rich List, Auckland, 2010, p. 45 (published as an annex to The National Business Review, July 30, 2010.)
  3. ^ a b Stevan Eldred-Grigg, The Rich: A New Zealand History, Penguin Books, Auckland, 1996, pp. 216 and 217
  4. ^ Fiona Rotherham, "Huljichs' Sydney bail-out signals return to bacon makin'", The Independent , 16 December 1998, Page 1.
  5. ^ Graeme Hunt, The Rich List: Wealth and Enterprise in New Zealand, 1820-2003, 2nd Edition, 2003, p. 243.
  6. ^ Graeme Hunt, The Rich List: Wealth and Enterprise in New Zealand, 1820-2003, 2nd Edition, 2003, p. 258ff.
  7. ^ a b Nick Churchouse, "Huljich steps down over KiwiSaver irregularities", The Dominion Post, 05 March 2010, Edition 2, Page 1.
  8. ^ a b Jenni McManus, "Brash and friends bank on Cullen's KiwiSaver", Sunday Star Times, 1 July 2007
  9. ^ a b Jenni McManus (March 12, 2010). "Huljich fund gives clients exit offer". Dominion Post. Retrieved 2010-07-23.
  10. ^ Tamsyn Parker (November 19, 2010). "Huljich faces charges over KiwiSaver". New Zealand Herald. Retrieved 2010-11-19.
  11. ^ Roeland van den Bergh (November 18, 2010). "Huljich faces criminal charges". Dominion Post. Retrieved 2010-11-18.
  12. ^ Fisher Funds website (retrieved 20 December 2011)
  13. ^ "Huljich hands fund over to Fisher Funds", The National Business Review, April 1, 2011, p. 1. (retrieved 1 April 2011)
  14. ^ Hamish Fletcher, "Huljich fined for misleading KiwiSavers", New Zealand Herald, 20 December 2011 (retrieved 20 December 2011).
  15. ^ William Mace, "Huljich cops big fine over 'honest mistake'", The Dominion Post, Wednesday, 21 December 2011, p. B6.

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