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Huljich re-launches non-KiwiSaver funds

Huljich Wealth Management has re-launched two of its non-KiwiSaver funds which were closed down in January and transferred to equivalent funds.

Tuesday, April 13th 2010, 4:15PM

by Jenha White

A new prospectus for the Huljich Balanced Fund and the Huljich Australasian Fund was lodged with the Companies Office on March 31 and became public last week.

Both the funds were initially launched in October 2007 just before the global financial crisis hit, but they haven't been marketed to the public since early 2008.

The funds, which invest in the same assets as the KiwiSaver funds, have instead kept going in the background with private investors.

Huljich Wealth Management (HWM) 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 advisers 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 new prospectus also has mention of the Securities Commission investigation into HWM on page 18.

Peter Huljich stepped down as managing director and chief investment officer of Huljich Wealth Management last month after topping up the performance of his funds. He has since been replaced by chairman Don Brash.

The new prospectus states: "Following certain media comments about the Huljich KiwiSaver Scheme the manager (and the trustee of that scheme) have been asked to respond to inquiries from the Government Actuary and the Securities Commission relating to the compensation made by Peter Huljich (the manager's former managing director) to the KiwiSaver funds.

"The manager believes that such inquiries can be adequately addressed without effect on the managed funds, however at the date of this prospectus the matters have not yet been resolved."

 

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

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