This explains why the regulators are thinking of doing nothing :
Tycoon's training gets messy
By Deborah Hill Cone
10:30 AM Monday Mar 22, 2010
Peter Huljich seems like a poor little rich kid. He is a mini "big-swinging-dick". A baby master of the universe. A tycoon with training wheels. I may be wrong, of course. But he doesn't exactly do anything to disabuse us of this impression.
He is the son of a wealthy family. He's 32 years old now, but still has the right kind of chin to be a jock at an American high school.
I know this because there's a moody shot of him on Facebook. I have one of those too, but I doubt that my testosterone count is as high as his. Last year Huljich took part in a thing called "white-collar boxing fight night" - where executives get in the ring and beat each other up. Noice.
"We work pretty long hours at Huljich Wealth Management so it is always nice to get out of the office," Huljich said in a promotional interview before going into the ring for his fight.
He boasted that during training he had lost five kilos of fat and put on five kilos of muscle. "One of the highs of boxing training was getting fit and feeling really good and strong. In terms of lows, there are none."
Well that's good Pete, because you'll have plenty of time for getting beaten up now you've resigned as managing director of Huljich Wealth Management.
"In terms of fighting tonight I'd like to thank my family. They don't approve of what I am doing but they are here to support me." Good on ya. But I'm not sure that body-fat ratio is the No 1 topic I want my KiwiSaver investment manager to be obsessing over. Shouldn't their financial prowess be their top priority?
I'd be happier to have an investment manager with thick glasses and borderline Asperger's whose big "wow" was worshipping at the altar of Warren Buffett, rather than a born-to-rule silver spooner who is a regular in the social pages.
I know Huljich is a goneburger since his top-ups of his investment fund came to light - gone before lunchtime and all that - but I somehow don't feel this whole saga should be laid to rest. Yes, the Securities Commission is investigating, but don't hold your breath.
When the Securities Commission does take action, it is usually against a widely scorned perennial commercial hazard such as Rod Petricevic rather than one of the "born to rule" business bluebloods with National Party stalwarts Don Brash and Auckland mayor John Banks in his corner.
How did it happen that a company run by a preppy boy with two big names behind him managed to get people to invest $117 million of their savings in the company's managed funds?
The success of Huljich just seems to reflect the tragic last remnants of the outdated class system that we can't seem to totally shake off. And if I was going to get all Wisharty about this, I would wonder whether the National Party is not working hard behind the scenes to make this whole Huljich thing go away.
I'm sure it wants it to. If the Securities Commission does have an energy drink and decide to take action, it is very difficult to see how that mud won't stick to John Banks.
It is very easy to see how National would not like having leftie Len Brown - a dangerously bland character who doesn't polarise anyone - running our biggest city.
With the general election looking out of its grasp Labour might just throw everything at the Super City instead. Peter Huljich may just be a tycoon with training wheels. But when his tiny wheels fall off, it could still cause a big mess.