More van Eyk funds terminated
Macquarie has shut down all but one of van Eyk's remaining Blueprint funds, amid talks the research group is pursuing legal action against UK-based hedge fund Artefact Partners.
As the responsible entity for the funds, Macquarie told investors it would be terminating nine of the remaining funds as they could no longer be managed under the current fee structure.
The terminations follow the suspension of redemptions from four Blueprint funds in August following an illiquid investment made by UK-based hedge fund, Artefact Partners.
Macquarie said if the Blueprint funds remained, management fees would likely increase and be passed onto investors in the form of lower returns.
The now-terminated funds are van Eyk Blueprint Australian Shares Fund, van Eyk Blueprint Absolute Australian Shares Fund, van Eyk Blueprint Smaller Companies Fund, van Eyk Blueprint Absolute International Shares Fund, van Eyk Blueprint Global Emerging Markets Fund, van Eyk Blueprint Listed Property and Infrastructure Fund, van Eyk Blueprint Diversified Income Fund, van Eyk Blueprint Gold Bullion Fund and van Eyk Blueprint Volatility Buffer Fund.
Macquarie said it was working with van Eyk to divide up returns, which would be given to investors in one or more payments in the coming months.
van Eyk is now reportedly investigating legal action against Artefact Partners, according to the Australian Financial Review.
In an earlier statement to investors, it said the UK manager has elected to invest in a portfolio that was "not in line with VBI's strategy and objectives".
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