Macquarie Closes Van Eyk Funds

Aug 21 2014 | 6:14am ET

Macquarie Group has shut four Van Eyk funds after they were forced to suspend redemptions due to illiquid investments made by a British hedge fund.

The four Blueprint funds—Van Eyk’s International Shares Fund and three other funds that invested in it—will be liquidated, with shareholders receiving their money back. The funds manage hundreds of millions of dollars.

The four funds suspended redemptions earlier this month after it emerged that Artefact Partners, a subadvisor to the International Shares Fund, had invested one-third of it’s A$97 million in assets in illiquid Australian real-estate investments. Van Eyk said that the investment violated the fund’s investment mandate, an allegation that Artefact founder Richard Boon disputes.

Van Eyk’s three-member asset-consulting team has also left the firm, and without notice, according to The Australian.

Investors in the four funds will get the first of their money back within a few weeks, with the rest paid in installments.

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