Huljich brothers
Encyclopedia
The Huljich brothers: Christopher Peter "Chris" Huljich (b. 1950), Paul Richard Huljich
(b. 1952) and Michael Huljich (b. 1957) are Auckland manufacturers, merchants, entrepreneurs, rentiers and philanthropists.
, and were educated at St Peter's College
.
(e.g. processed meats bought from a delicatessen, such as bacon
, sausages, pâté
and salami
). This enterprise grew into the Best Corporation which operated an important segment of the market in New Zealand and owned considerable assets in Australia. In the late 1990s the three brothers sold Best Corporation to French food company Groupe Danone
and also sold valuable Australian assets.
completed a modernist mansion of three floors in Auckland called "Wentworth", that cost almost $20 million. It was described as "perhaps the most expensive house built in New Zealand during the late twentieth century" and as one of the biggest house built in New Zealand. In 2010 the Huljich family wass reported to be worth about $125 million.
in the 1970s when they frequented his cafe. In 2007, Peter Huljich, son of Chris, with the support of Banks and former National Party leader and Reserve Bank Governor Don Brash
set up a "boutique funds management company" in downtown Auckland, partly to manage the Huljich family's extensive investment portfolio. The operating company, Huljich Wealth Management (NZ) Ltd, also established three KiwiSaver
funds to target "high net-worth individuals although smaller investors can gain access through KiwiSaver or through the balanced fund". John Banks said he, Brash and the Huljichs "would be fairly choosy about who invests with us". In 2009, Huljich Wealth Management was the largest 100% owned New Zealand-owned KiwiSaver provider in the country.
In 2010, Peter Huljich admitted responsibility for "lapses" in investment practice when he topped up the company's KiwiSaver fund with money from Huljich family funds (he made two payments of $150,000 to cover poor investments) to make up for losses incurred in order to retain the fund's favourable market performance figures. His management role was taken over by the company's chairman, Don Brash and Hulich was replaced on the Board of the company by his father, Chris Huljich. In taking over Peter Huljich's executive roles, Brash admitted that the business had not been transparent but also pointed out that a number of allegations about the way Huljich KiwiSaver Funds had been managed were unfair and untrue. Brash left the firm and sold his shares in October 2010. John Banks then took over the management role. The Securities Commission
laid criminal charges against Huljich Wealth Management and director Peter Huljich on 18 November 2010. In March 2011 Huljich Wealth Management sold its KiwiSaver business to Fisher Funds. Chairman John Banks explained that the shareholders had decided to move on from the KiwiSaver business, "recognising that increasing compliance costs and regulation would change the KiwiSaver landscape in future years".
Paul Huljich (author)
Paul Huljich is the author of Betrayal of Love and Freedom and the co-founder of Best Corporation, a pioneer in organic foods. He is also the founder of MWellA the Mind Wellness Awareness Community, a Group for the mind, body and spirit....
(b. 1952) and Michael Huljich (b. 1957) are Auckland manufacturers, merchants, entrepreneurs, rentiers and philanthropists.
Background
The Huljich brothers, sons of an Auckland restaurant proprietor turned urban developer, grew up in AucklandAuckland
The Auckland metropolitan area , in the North Island of New Zealand, is the largest and most populous urban area in the country with residents, percent of the country's population. Auckland also has the largest Polynesian population of any city in the world...
, and were educated at St Peter's College
St Peter's College, Auckland
St Peter's College is a Catholic college for year 7 to 13 boys . The school, located in Auckland, is one of the largest Catholic schools in New Zealand and is an integrated school under an integration agreement entered into by the Catholic Bishop of Auckland and the Government of New Zealand in...
.
Business
The Huljich brothers founded a food manufacturing business, at first under the name Top Hat Bacon, in the 1980s specialising in various pork products or small goodsCharcuterie
Charcuterie is the branch of cooking devoted to prepared meat products such as bacon, ham, sausage, terrines, galantines, pâtés, and confit, primarily from pork. Charcuterie is part of the garde manger chef's repertoire...
(e.g. processed meats bought from a delicatessen, such as bacon
Bacon
Bacon is a cured meat prepared from a pig. It is first cured using large quantities of salt, either in a brine or in a dry packing; the result is fresh bacon . Fresh bacon may then be further dried for weeks or months in cold air, boiled, or smoked. Fresh and dried bacon must be cooked before eating...
, sausages, pâté
Pâté
Pâté is a mixture of ground meat and fat minced into a spreadable paste. Common additions include vegetables, herbs, spices, and either wine or cognac, armagnac or brandy...
and salami
Salami
Salami is cured sausage, fermented and air-dried meat, originating from one of a variety of animals. Historically, salami has been popular among Southern European peasants because it can be stored at room temperature for periods of up to 10 years, supplementing a possibly meager or inconsistent...
). This enterprise grew into the Best Corporation which operated an important segment of the market in New Zealand and owned considerable assets in Australia. In the late 1990s the three brothers sold Best Corporation to French food company Groupe Danone
Groupe Danone
Groupe Danone is a French food-products multinational corporation based in the 9th arrondissement of Paris. It claims world leadership in fresh dairy products, marketed under the corporate name, and also in bottled water...
and also sold valuable Australian assets.
Wealth
Following the sales, the Huljich family's wealth was estimated to be $70 million and the family was the seventh richest family on New Zealand. In the late 1990s, Paul HuljichPaul Huljich (author)
Paul Huljich is the author of Betrayal of Love and Freedom and the co-founder of Best Corporation, a pioneer in organic foods. He is also the founder of MWellA the Mind Wellness Awareness Community, a Group for the mind, body and spirit....
completed a modernist mansion of three floors in Auckland called "Wentworth", that cost almost $20 million. It was described as "perhaps the most expensive house built in New Zealand during the late twentieth century" and as one of the biggest house built in New Zealand. In 2010 the Huljich family wass reported to be worth about $125 million.
Huljich Wealth Management
The three Huljich brothers met John BanksJohn Banks (New Zealand)
John Archibald Banks, CNZM QSO is a New Zealand politician. He served as Mayor of Auckland City for two terms, from 2001 to 2004, and from 2007 to 2010...
in the 1970s when they frequented his cafe. In 2007, Peter Huljich, son of Chris, with the support of Banks and former National Party leader and Reserve Bank Governor Don Brash
Don Brash
Donald "Don" Thomas Brash , a New Zealand politician, was Leader of the Opposition, parliamentary leader of the National Party from 28 October 2003 to 27 November 2006 and the leader of the ACT Party for 28th April 2011 - 26 November 2011...
set up a "boutique funds management company" in downtown Auckland, partly to manage the Huljich family's extensive investment portfolio. The operating company, Huljich Wealth Management (NZ) Ltd, also established three KiwiSaver
KiwiSaver
The KiwiSaver scheme is a New Zealand voluntary long-term savings scheme which came into operation from Monday, 2 July 2007. The main purpose of the KiwiSaver fund is for retirement savings....
funds to target "high net-worth individuals although smaller investors can gain access through KiwiSaver or through the balanced fund". John Banks said he, Brash and the Huljichs "would be fairly choosy about who invests with us". In 2009, Huljich Wealth Management was the largest 100% owned New Zealand-owned KiwiSaver provider in the country.
In 2010, Peter Huljich admitted responsibility for "lapses" in investment practice when he topped up the company's KiwiSaver fund with money from Huljich family funds (he made two payments of $150,000 to cover poor investments) to make up for losses incurred in order to retain the fund's favourable market performance figures. His management role was taken over by the company's chairman, Don Brash and Hulich was replaced on the Board of the company by his father, Chris Huljich. In taking over Peter Huljich's executive roles, Brash admitted that the business had not been transparent but also pointed out that a number of allegations about the way Huljich KiwiSaver Funds had been managed were unfair and untrue. Brash left the firm and sold his shares in October 2010. John Banks then took over the management role. The Securities Commission
Securities Commission of New Zealand
The Securities Commission was an independent Crown Entity of the government of New Zealand and the main regulator of investments. It was replaced on the 1 May 2011 by the Financial Markets Authority ....
laid criminal charges against Huljich Wealth Management and director Peter Huljich on 18 November 2010. In March 2011 Huljich Wealth Management sold its KiwiSaver business to Fisher Funds. Chairman John Banks explained that the shareholders had decided to move on from the KiwiSaver business, "recognising that increasing compliance costs and regulation would change the KiwiSaver landscape in future years".