by Paul McBeth
Brash says Huljich has already begun to undertake some of the requirements set out by the Government Actuary.
The KiwiSaver watchdog, David Benison, decided it needs to monitor the fund manager more closely, and will require its trustee, Trustees Executors, to ensure a signed Statement of Investment Policies and Objectives is in place by the end of the month, something Brash says the firm has been working on for several weeks.
"I have every confidence that I will be able to satisfy the Government Actuary that our scheme is carefully and responsibly managed," Brash said in a statement. "We have every intention of being a leader in the KiwiSaver industry in terms of transparency."
Brash was forced to step up to head the fund when principal Peter Huljich resigned after it was revealed he had been using his own money to top-up its funds to improve the firm's reported investment performance. The Securities Commission is investigating the issue.
The Government Actuary also demanded Trustees Executors provide quarterly reports starting from this quarter, which are to include any failures to comply with the Trust Deed and minutes of each quarterly meeting between Huljich and the trustee.
Clynton Hardy, a spokesman for Trustees Executors, said this level of reporting was already required by the six default providers, and while it was not required by law, it "clearly does give the regulator more comfort."
Hardy said his firm will be lobbying government to include KiwiSaver trustees in its proposed changes to the Securities Trustees and Statutory Supervisors Bill, and for the managers of schemes to be recognised as the issuing bodies.
Paul is a staff writer for Good Returns based in Wellington.
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