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Fisher Funds buys Huljich Kiwisaver

Fisher Funds is buying the Huljich KiwiSaver business for an undisclosed sum.

The deal will result in more than 100,000 members and $400 million in assets, making the Fisher Funds KiwiSaver Scheme one of the largest non-default schemes in the country with a New Zealand owned KiwiSaver provider.

The transaction is planned for completion in May and is subject to approval by the Government Actuary.

Fisher Funds managing director Carmel Fisher said, “Our two schemes have similar goals and both organisations have shared a passion for KiwiSaver and a desire to give our members the best possible service and communication.  Our KiwiSaver Growth Fund is the best performing growth or aggressive fund over one, two and three years to 31 December 2010.”

Huljich Wealth Management chairman, John Banks commented that the choice of Fisher Funds was relatively easy given the shared focus on best practice customer service.

“We are very proud of what we have achieved in the development of Huljich KiwiSaver over the past three years. We have attracted a significant number of members and they have remained loyal to our scheme because of the service we have provided. Fisher Funds has also been successful in this regard. It is also pleasing our members will remain with another New Zealand owned independent KiwiSaver provider, a key point of difference in the KiwiSaver industry.

He said the shareholders of Huljich Wealth Management have decided to move on from the KiwiSaver business, recognising that increasing compliance costs and regulation will change the KiwiSaver landscape in future years. 

Comments and questions

Go you good thing ! Girls can do anything better than boys, most dont have an ego !

They're big enough to take on the Aussie banks now!

Good luck Carmel in selling Huljich's New Image stake, that's all I have to say!

Is this beause Peter cant be a director there anymore??

Doesn't look like it. He has recently become chairman of NZ Finance

Dog buys dog and becomes a mongrel

looking in the mirror again ?

"Shared focus on best practice customer service"?????

Wow - bet Fisher likes to be likened to Huljich in that respect!

Good riddance to Huljich and their unethical sales practices.

3 years + wasted. Senior Huljich won't be a happy chappy.

Well done to all.

"for an undisclosed sum" = bargain basement price = $10 or less

I think it's awesome, good on you Carmel - shows what a woman in power can do. She started Fisher out of her basement 10 years ago and look how far she's come!

Yes, she started off in a basement (bs) and has done very well for herself (true).

Question - have her clients and investors done well?

Answer - Rotten barramundi for dinner, anyone?

It would take brave man (or woman) to buy New Image now...

I have a good deal of respect for Mrs. Fisher. She is the only one "aggressive" scheme that has recovered an NAV higher than before the 2008 rollercoaster deep dip. She still has the structural problem that she is a long only unhedged manager, but she demosntrated, so far, she can ride good times well enough to at least make up for bad. Her strongpoint is small-mid cap...and those become the weak point on the downside. But she outdid everyone on the upside.
I wish her well...but the rollercoaster is here to stay for a decade at least.

Before you give Carmel too much of a big head look back at her performance runing Prudential - three good years of performance and then lots of hipe - and then wow - all returns (and some capital) blown away. Then look at the performance of Kingfisher and her other products. Suspect that Carmel has improved with experience but pulling my money out of Huljich Funds asap - not willing to take the risk.

Congratulations to Carmel and her team, the members moving across will be much happier as time goes on.

Probably a good deal for both parties.

1. Fisher gets Huljich's sales force, which is widely regarded as formidable given their growth. She probably bought well given the SecCom investigation against Huljich. Huljich members join a firm with a superior investment record.

2. Peter Huljich exiting the KiwiSaver business probably will be closely followed by a plea bargain over the SecCom charges. He gets to go onto other things.

She didn't get their sales force, as they cannot operate without all becoming AFA approved.

Another uninformed comment by an industry outsider (WHY do people not research subjects they know nothing/little about before commenting??). Individual KiwiSaver reps do NOT need to be AFA registered. As long as the entity they operate under is a QFE - Qualifying Financial Entity - they can be as unregistered as the next person on the street. VERY strict procedures, protocols must be followed. If a rep steps out of line they will almost certainly be axed immediately.

The bigger they become the easier they a house of cards (cads) and watch the next wind blow them this space.......

Fantastic news. Couldn't come soon enough. I believe Huljich is in court this week - awaiting the outcome to that with baited breath! I just feel sorry for anyone associated with the place, I would not want to be putting Huljich on my Resume!

Ha, look at all the sour grapes here :). I wonder if any of you are industry participants?

I say well done Carmel and good luck, the investors are lucky to have you. You'll do well! As for Huljich... move on, it's all too tough. A good result for all me thinks.

Agreed with all here. The people that work at Huljich can scrub this one off their CV and get on with their lives!!

Huljich was a tainted asset with no future. Becoming part of the Fisher brand will be good for Huljich clients. A good move, and will probably set the tome for a consolidation of KiwiSaver providers.

Not the first KiwiSaver provider gobbled up by Fisher Funds.

Hopefully Carmel and co has Gareth Morgan in her sights and the industry gets rid of another nuisance!

This will all end badly, Carmel is trading on looks and it will only take one or two of her highly concentrated portfolio to hit a speed bump and we will have our first Kiwisaver fund to have a serious bloody nose.

Hullich was just plain dumb, now we have a blonde to boot.

Quant, as you can see we don't agree. CF is going to run out of luck, and she or her team will not see it coming.

Chris, you just expressed forcefully something I hinted. (wink, wink, nudge,nudge)
When I say small mid caps are a liability on the downside , I hint exactly what you say.
She had a huuuuge draw down in 2008.
She wasn't flavour of the month then.
But what you have to give, is she came back better than anyone else...probably increasing the risk.
Risk/return curves are rigid beasts, and if returns are high...the risks must be higher. Conventration and illiquidity on the downside are the small-mid caps liabilities i quoted.
When I say I wish her well...I say I wish the people's savings she is entrusted with are better protected in the next storm.She might have learned the lesson.
Because there will be another storm...that for sure.

She might have learnt her lesson?

Do leopards change their spots?

Check her credentials with Prudential, Sovereign, Fisher Funds, Barramundi & Marlin.

Some people simply love to buy high and sell low.

Lovely fees though.

Look at Fisher performances with Fisher Fund, Marlin and Barramundi over the years. Look further back when she was in charge of Prudential Emerging Leaders fund.

Ugly, very ugly.

Huljich achieved what he set out to do . . . make a quick buck! He grew his scheme quickly on the back of early false performance, and now washes his hands of the whole thing.

33 comments about a funds management article, and only 3 or so about an interview with Bill English on the long term strategy for NZ Inc. Why do we get so excited and opinionated about celeb fund mgrs, and not show the same intellectual curiosity about the country as a whole