Huljich
Wealth Management accounts reveal the KiwiSaver fund management company
associated with politicians John Banks and Don Brash was sold to Fisher
Funds for $20.9 million.
Fisher Funds said in March last year the
Huljich KiwiSaver Scheme would be transferred to the Fisher Funds
KiwiSaver Scheme, making Fisher Funds one of the largest non-default
KiwiSaver schemes in the country.
Huljich Wealth Management was set up in 2007 by Peter Huljich, ACT MP Banks and former National Party and ACT leader Brash.
In
2010, Mr Huljich stepped down as managing director amid mounting
criticism he had topped up funds from his personal resources in a way
that artificially boosted their performance figures.
He later pleaded guilty to a charge of misleading investors and was fined almost $113,000.
The
accounts for the 14 months to May 31, 2011 filed to the Companies
Office show share capital of $1,000 and retained earnings of $9.6
million.
Final approval of the sale was received on May 17 and
about 87,000 eligible Huljich KiwiSaver members with entitlements of
$191 million were transferred to the Fisher Funds KiwiSaver Scheme.
The
proceeds of $20.9 million were reduced by a $4.29 million write-off of
fees, by stamp duty and losses on vehicles sold. This left a gain on the
disposal of the business of $16.53 million.
The accounts show just $5.34 million of operating revenue and other income of $17.2 million, including the sale proceeds.
The business made a profit of $13.5 million in the 14 months to May 31, 2011 compared to a loss of $771,737 the previous year.
NZN