tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

News

rss
Latest Headlines

Huljich to relaunch non-KiwiSaver funds

Two of the Huljich Wealth Management non-KiwiSaver funds were closed down last week and transferred to equivalent funds because there was a question about the old funds qualifying for PIE status.

Thursday, January 21st 2010, 5:11AM

by Jenha White

The closed down funds are the Huljich Balanced Fund and the Huljich Australasian Fund which were both launched in October 2007 just before the global financial crises hit, but they haven't been marketed to the public since early 2008.

The funds have instead kept going in the background and they invest in the same assets as the KiwiSaver funds.

Huljich Wealth Management (HWM) managing director Peter Huljich says there was a question about the old funds qualifying for PIE status because they had been closed to the public and did not meet some of the eligibility criteria.

"Our tax advisors said it was a grey area and together we decided we couldn't take the risk of building up these funds with investors money and then having a PIE tax problem down the line.

"It has cost us some extra money to close the funds and start new ones but we wanted to be 100% sure the funds were PIE compliant and eligible for those tax advantages for our investors."

The equivalent new Huljich Balanced Fund and Huljich Australasian Fund will be launched next week.

Huljich says he has had a large number of enquiries from the public and especially from KiwiSaver members asking what investment funds HWM offers outside KiwiSaver.

"The general enquiry we have from our members is that they are already maximising all the Government and employer incentives from KiwiSaver and have extra money they want to invest but don't want it locked in until age 65."

He says the general public enquiries are usually based around word of mouth as people would like to know if they can invest a lump sum.

Most of the HWM enquiries come from people who already have investments as they have surplus cash which is not earning them much on term deposit and they would like someone to manage an investment for them in the equity and fixed income markets.

Huljich says the target market for these funds is long term investors or those people who have a lump sum saved up and want HWM to put it to work for them and see a good return over 3-5 years.

The amount of money in the funds is small as HWM started them just before the global financial crisis and hasn't marketed them to public since early 2008, however those early investors who are still in the funds have been well rewarded with  the Balanced fund returning 22% since inception just over two years ago.

Huljich says all its funds invest in the same assets so its looking forward to be able to give the same service and performance that its current KiwiSaver customers have enjoyed to those who want a managed fund investment.

 

 

 

 

 

 

Jenha is a TPL staff reporter. jenha@tarawera.co.nz

« CPD rules get industry thumbs-upSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com