122:"recognising that increasing compliance costs and regulation would change the KiwiSaver landscape in future years". Huljich Wealth Management retained responsibility for debts and payables. The proceeds were reduced by a $ 4.29 million write-off of fees, "stamp duty" and losses on vehicles sold, leaving a gain on the disposal of the business of $ 16.53 million. The business made a profit of $ 13.5 million in the 14 months to 31 May 2011 compared to a loss of $ 771,737 in the previous year. The accounts for the 14 months to May 31, 2011 filed in the
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In May 2011 Huljich Wealth
Management sold its KiwiSaver business, consisting of 87,000 KiwiSaver members with entitlements of $ 191 million, to Fisher Funds Management Limited for $ 20.9 million. Chairman John Banks explained that the shareholders had decided to move on from the KiwiSaver business,
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described
Huljich's conduct as "beyond the pale". His role as managing director and chief investment officer 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. In taking over Peter Huljich's executive roles, Brash
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funds. The company targeted "high-net-worth individuals" although smaller investors could "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". In 2009, Huljich Wealth Management was the largest
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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. Brash left the firm and sold his shares in October 2010. John Banks then took over the management role.
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In 2010, Peter
Huljich admitted responsibility for "lapses" in investment practice when he failed to disclose that he had compensated the company's KiwiSaver funds for poorer than expected returns. He had made two payments of $ 150,000.) . Rival fund managers
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laid criminal charges against
Huljich Wealth Management and director Peter Huljich. In December 2011, Peter Huljich and the company (now called HWM NZ Holdings) were convicted for undermining public confidence in the
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in the 1970s when they frequented his cafe. In 2007, Peter
Huljich, son of Chris, with the support of Banks and former National Party leader and Reserve Bank Governor
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which had replaced the
Securities Commission on 1 May 2011) for court costs. Peter Huljich had rejoined HWM's board as the sole director in August 2011.
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set up a "boutique funds management company" in downtown
Auckland, partly to manage the Huljich family's extensive investment portfolio.
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market and misleading investors. Huljich was fined $ 112,500 and the company $ 239,000 (plus $ 95,000 to be paid to the prosecution (
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John
Anthony, "Squabbling within one of New Zealand's richest families plays out in High Court",
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was a New Zealand funds management company associated with Peter Huljich and the politicians
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The operating company, Huljich Wealth Management (NZ) Ltd, established three
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showed share capital of $ 1,000 and retained earnings of $ 9.6 million.
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100% owned New Zealand-owned KiwiSaver provider in the country.
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William Mace, "Huljich cops big fine over 'honest mistake'",
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434:"Huljich Sold Kiwisaver Business For $ 20.9 Million",
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For the brothers Chris, Paul and Michael Huljich, see
187:, Auckland, 2010, p. 45 (published as an annex to
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163:"Brash and friends bank on Cullen's KiwiSaver"
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367:"Huljich KiwiSaver price revealed - $ 20.9m"
455:Financial services companies of New Zealand
411:"Huljich hands fund over to Fisher Funds",
284:Roeland van den Bergh (18 November 2010).
328:"Huljich fined for misleading KiwiSavers"
234:"Peter Huljich resigns, Brash becomes MD"
208:"Huljich fund gives clients exit offer"
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260:"Huljich faces charges over KiwiSaver"
355:, Wednesday, 21 December 2011, p. B6.
326:Fletcher, Hamish (20 December 2011).
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16:New Zealand funds management company
258:Tamsyn Parker (19 November 2010).
27:Huljich Wealth Management (NZ) Ltd
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365:BusinessDesk (27 January 2012).
286:"Huljich faces criminal charges"
232:Interest.co.nz (4 March 2010).
206:Jenni McManus (12 March 2010).
183:The National Business Review,
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460:Croatian-New Zealand culture
413:The National Business Review
189:The National Business Review
417:(retrieved 1 April 2011)
111:Financial Markets Authority
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316:(Retrieved 29 May 2018)
415:, April 1, 2011, p. 1.
371:The New Zealand Herald
332:The New Zealand Herald
238:The New Zealand Herald
96:In November 2010, the
421:28 April 2012 at the
98:Securities Commission
74:Compensation Payments
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353:The Dominion Post
191:, July 30, 2010.)
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394:|last=
337:20 December
295:18 November
269:19 November
449:Categories
312:Stuff News
147:References
92:Conviction
61:Operations
51:John Banks
45:The three
35:John Banks
185:Rich List
107:the Crown
103:KiwiSaver
67:KiwiSaver
55:Don Brash
31:Don Brash
436:Newsroom
419:Archived
386:cite web
376:28 April
243:28 April
130:See also
109:via the
217:23 July
41:History
398:help
378:2012
339:2011
297:2010
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