tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

News

rss
Latest Headlines

Van Eyk enters administration

[UPDATED, adds FMA comment] Van Eyk has gone into voluntary administration.

Monday, September 15th 2014, 9:19PM 2 Comments

by Susan Edmunds

The Australian research house and fund manager has appointed Trent Hancock of Moore Stephens Sydney Corporate Recovery Group as its administrator.

The company was thrown into disarray when four of its Blueprint funds were terminated after being invested in an illiquid asset.

The $31 million investment was believed to be in a real estate development linked to people involved with its manager, Artefact Partners.

New Zealand investors have money with van Eyk largely through its now-terminated International Share Fund.

The FMA said it was liaising with ASIC and assessing the implications for NZ-based entities.

"As reported, the voluntary administration is said not to impact Blueprint unit holders but we are verifying that. Our inquiries into Blueprint funds in NZ are continuing."

Chief executive Mark Thomas was in New Zealand at the end of August to meet the FMA. He said at the time that New Zealand investors could be expected to recoup 80% of their investment in that fund within weeks.

The Blueprint NZ series had about $150 million under management in 2013.

In a statement, van Eyk said it had chosen to enter voluntary administration after the sudden closure of the managed funds. The Blueprint funds provided more than half van Eyk’s revenue. A year ago, they were worth more than A$1 billion.

"This has presented short term financial challenges as it is currently structured to the parent company, van Eyk Research Pty Ltd and the Company determined that the prudent course of action was to enter voluntary administration.”

It said the process would allow the administrator to preserve van Eyk’s investment research, asset consulting and financial advisory businesses and independently evaluate capital restructuring options.

“The voluntary administration does not involve the unitholders in the van Eyk Blueprint Series of managed funds. These funds remain under the purview of their Responsible Entity, Macquarie Investment Management," it said.

Thomas said it was a regrettable but necessary move.

“We remain absolutely committed to providing our client's with a seamless quality research and consulting service and it will remain business as usual for van Eyk in delivering on this commitment while the VA process is under way."

In July, Thomas told Good Returns he wanted to grow van Eyk’s adviser force five-fold over the coming years, from a team of 10. “We’re actively talking to advisers about joining our advice business, engaging us as a consultant or buying research from us.”

 

« Stewart's NZIG gets boostIFA working on pro-bono offering »

Special Offers

Comments from our readers

On 16 September 2014 at 6:03 am Pragmatic said:
A sad end to a once proud company
Whilst van Eyk had a modest presence in NZ the ramifications of their demise will unfortunately be felt throughout the industry
On 16 September 2014 at 11:02 am Robert said:
What they really need to do is to get some independent and competent assessment of these investments, underlying assets, risk profile etc, before they make investment decisions, what's that called again?

Research

Oh wait

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com