Van Eyk LIC closes capital raising
Van Eyk Research’sGranite Three Pillars listed investment company (LIC) is set to debut on theAustralian Stock Exchangetomorrow having raised a total of $50 million.
The entity, which will operate under the amended name of van Eyk Three Pillars, managed to raise close to its original raising target set in November last year when it launched to the retail market.
The group says the name change is designed to avoid confusion with any other offerings in the marketplace as well as to more closely reflect the management of the investments by van Eyk.
Van Eyk’s offering will compete with new or proposed offerings in the retail market such as Wilson Leaders, Clime Capital, Brickworks Investment Company and MMC Contrarian for a slice of investor monies flowing into these rising profile investment vehicles.
The lead brokers to the issue were Macquarie Equities and Bell Potter Securities, with new distribution group Aurora Funds Management coordinating the distribution of the issue to financial planners.
The LIC was created following van Eyk forming an alliance with White Funds Management, which will run the executive function and administration on the new offering.
The LIC will offer Australian retail investors access to blue chip, growth, and special situations investment portfolios created by van Eyk.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
