Van Eyk Shuts After Hedge-Fund Flap

Sep 17 2014 | 6:17am ET

Fund manager Van Eyk’s relationship with a British hedge fund has proven to be its downfall.

The Australian firm entered administration this week, less than a month after it was forced close four funds due to illiquid investments made by Artefact Partners. Since then, Macquarie Investment Manaement, the responsible entity for Van Eyk’s 14 Blueprint funds, has had to close nine more as investors raced for the exits.

Moore Stephens has been named administrator, charged with winding up the firm.

Van Eyk had turned over about one-third of the A$97 million in assets invested in its International Shares Fund to Artefact. It alleges that the hedge fund put that money into illiquid Australian real-estate investments in violation of the fund’s investment mandate and suspended redemptions from that fund and three others that invested in it.

Artefact founder Richard Boon denied that his firm did anything wrong and called Van Eyk’s claims “misleading and defamatory.”

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