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Van Eyk shareholder wants out

[UPDATED] Eighty per cent of the assets invested in the frozen Van Eyk Blueprint fund in which New Zealanders have money will be able to be returned soon, the company's chief executive says.

Monday, August 25th 2014, 8:25AM 2 Comments

by Susan Edmunds

Macquarie Investment Management has moved to terminate the four  van Eyk Blueprint funds that were suspended after being invested in an illiquid asset.

The funds are the van Eyk Blueprint International Share Fund, van Eyk Blueprint Capital Stable Fund, van Eyk Blueprint Balanced Fund and the van Eyk Blueprint High Growth Fund.

Chief executive Mark Thomas was in New Zealand this week, and met the FMA and van Eyk's business partners to talk about strategies.

"At the moment what we're working on is how do we return money, we're cashing up and returning liquid funds where appropriate, retrieving assets through a legal process."

Australian investors would get 90% of the money in their hands within weeks, he said. "In terms of New Zealand assets, the World Share Fund was 20% in the illiquid asset so 80% is the number [that will be returned]. The rest is a workout. We're not concerned about the value, just the liquidity."

Major shareholder Australasian Wealth Investments (AWI) has told shareholders via a report to the ASX that van Eyk is “no longer a strategic asset”.

It has a 36.2% share. It said: “Van Eyk Research is no longer a strategic asset — we are seeking to maximise value, by any means possible, from this investment".

Earlier this week, it told shareholders it was closely monitoring the four van Eyk Blueprint funds that had been temporarily suspended, which it said could result in a “diminution of shareholder value”.

AWI said it did not see van Eyk playing a strategic role and that it was no longer its ambition or intention to move to control.
In February, AWI had signalled its intentions to eventually take control of van Eyk.

Van Eyk has confirmed the departure of the group’s asset consultancy team, head of asset consulting, Jonathan Ramsay, and asset consultants, Fil Andronaco and Jonathan Tolub.

Macquarie said termination was the best solution because "a substantial portion of the funds" could be returned to investors.  

 

 

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Comments from our readers

On 22 August 2014 at 10:54 pm interested said:
Feel a bit sorry for the dozen or so advisers that joined/ supported Van Eyk, hardly their fault but unlikely to be a brand of the future. Would be good for all investment advisers (public perception) if Van Eyk do come out of this without loss.
On 25 August 2014 at 12:25 pm Hmmmm said:
Unfortunately the future of van Eyk's funds management business (Blueprint) will no doubt impact upon the future of their advisory & research businesses... which is a shame, as these appear to provide a useful service for NZ advisors.

Hopefully the van Eyk advisors have continued to do the right thing by their clients, and avoided making 'related party investments' solely because of their relationship

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