Huljich quits boards following Fisher deal

Peter Huljich
File photo
Peter Huljich File photo

Peter Huljich is resigning from all listed company directorships following the sale of Huljich Wealth Management to Fisher Funds, according to a statement from NZF Group sent to the NZX today.

The move comes ahead of Peter Huljich's trial on April 27, on face charges of failing to disclose that he injected money into his firm's KiwiSaver funds to boost their performance between 2008 and 2010 and failing to comply with New Zealand Financial Reporting Standards.

If found guilty, Huljich faces a maximum penalty of three months imprisonment or a $300,000 fine for the first charge, and a $300,000 fine on the second.

Huljich will resign as a non-executive director and chairman of NZF Group, in which his family businesses hold a significant stake, and from the board of startup software company Diligent Board Member Services.

He will remain in charge of his various private companies, which have interests in the financial services, asset management and property sectors among others.

Last week Fisher Funds bought Huljich Wealth Management's KiwiSaver business, in a move principal Carmel Fisher described as a takeover rather than a merger.

The takeover, which was exclusively for the assets and would not include any Huljich executives, will take Fisher Funds' KiwiSaver into the big-time, adding about 100,000 members and bringing total funds under management to more than $400 million.

Subject to approvals expected in May from the Government Actuary, the transaction will transfer all duly notified members of the Huljich KiwiSaver Scheme into the Fisher Funds KiwiSaver Scheme, where their funds will be managed according to Fisher's investment strategy.

NZF shares were unchanged at 2.9 cents, and have plummeted 83.3 per cent in value so far this year.

- BusinessDesk

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