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Macquarie/van Eyk Blueprint Series fund termination

Class Action Investigation

Macquarie Investment Management Limited: van Eyk Blueprint funds

Slater and Gordon is investigating claims on behalf of investors in van Eyk Blueprint Series funds (the Blueprint Series funds). 

Background

Macquarie Investment Management Limited was the responsible entity for the Blueprint Series funds, and appointed van Eyk Research Pty Ltd (van Eyk) as investment manager to both advise on portfolio construction and to select and appoint external fund managers.

On 3 July 2012 van Eyk appointed Artefact Partners (UK) as a fund manager to van Eyk’s Blueprint funds. 

In particular, in relation to the van Eyk Blueprint International Share Fund:

  1. approximately 32% of the total assets was given to Artefact for management;
  2. Artefact invested this amount into illiquid assets; and
  3. as a result, the scheme ceased being a liquid scheme as defined by the Corporations Act.

On 15 August 2014, Macquarie and van Eyk terminated four Blueprint funds (the International Share Fund, the Capital Stable Fund, the Balanced Fund and the High Growth Fund) citing the following reasons:

  1. compared to the alternatives, termination would allow a greater initial cash distribution than would otherwise be possible;
  2. termination would allow those distributions to occur more promptly that the alternative methods; and
  3. due to the size and nature of the illiquid assets of the fund, the fund could no longer be managed in accordance with its investment mandate.

On 22 August 2014 Macquarie terminated nine further Blueprint Series funds.

On 16 September 2014 van Eyk appointed Trent Hancock of Moore Stephens, Sydney Corporate Recovery group as voluntary administrator.

We are investigating why it took two years for either Macquarie or van Eyk to take any action with respect to Artefact’s improper investment strategy.

Further information

Slater and Gordon media release dated 5 September 2014 

The Australian news article dated 5 September 2014 

Macquarie/van Eyk Blueprint Series Fund Termination

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