4 Mar 2010

Brash takes helm after Huljich boss quits

2:32 pm on 4 March 2010

Former National Party leader Don Brash has taken over as head of Huljich Wealth Management.

Dr Brash replaces the firm's managing director, Peter Huljich, who has resigned over the handling of reporting of investment returns for its KiwiSaver funds.

The Securities Commission in February expressed concerns about the reporting of the fund's investment returns, which did not adequately disclose a personal contribution from Mr Huljich, to compensate for disappointing investment decisions.

Dr Brash, the company's chairman, says an internal review, just completed, has found the board was not kept fully informed about the transactions and the firm has not lived up to the highest standard of transparency.

He says Mr Huljich has accepted responsibility for the lapses and resigned as managing director and chief investment officer.

Dr Brash will take over Mr Huljich's roles immediately and a replacement chair will be found.

Auckland City mayor John Banks, a director on the company's board, is making no comment other than that he is not planning any change to his role as a director.