Tracking van Eyk’s demise
Money Management looks at the events that led to the voluntary administration of one of Australia's top research houses.
6 August — Illiquid investment sees redemptions suspended on Blueprint fund
van Eyk announces its decision to suspend redemptions on its Blueprint International Share Fund (VBI) and three other funds to protect investors' interests following a $31 million illiquid investment made by UK hedge fund, Artefact Partners.
19 August — Large shareholder mulls van Eyk's future
Australiasian Wealth Investments (AWI), which holds a 36 per cent stake in van Eyk, makes a market announcement saying it's closely watching the research house, after the stakeholder earlier expressed aspirations to control the company.
20 August — A team departs
van Eyk's three person asset consultancy team, comprising head of asset consulting, Jonathan Ramsay, and asset consultants, Fil Andronaco and Jonathan Tolub, departs the company in undisclosed circumstances.
21 August — Macquarie shuts down suspended funds
Responsible entity Macquarie Investment Management terminates the four funds which had their redemptions suspended on 6 August.
22 August — AWI declares van Eyk "no longer strategic"
Following the termination of funds, AWI signalled it was looking for an exit from van Eyk, releasing a statement to the Australian Securities Exchange (ASX) in which it declared van Eyk "no longer a strategic asset".
26 August — New asset consultancy team emerges
Less than a week after the departure of the asset consultancy team, four new hires are announced, with the team to be led by Otto Rieth.
5 September — More funds terminated
Macquarie terminates nine of van Eyk's remaining Blueprint funds, leaving just one active. It said they could no longer be managed under the current fee structure.
15 September — Voluntary administration
van Eyk goes into voluntary administration. CEO Mark Thomas calls it "regrettable but necessary under our current corporate structure".
18 September — van Eyk up for sale
van Eyk's administrator seeks expressions of interest for the research house's assets.
AUTHOR
Staff Writer
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