AWI moves beyond van Eyk loss
Australasian Wealth Investments has told its shareholders it has the assets and the strategy to move beyond the loss it has incurred as a result of the collapse of van Eyk Research.
The company has made its position clear in its annual report, lodged with the Australian Securities Exchange (ASX) on Friday, in which its chairman, Andrew Banes pointed to a net loss of $6,724,534 largely attributable to its investment in van Eyk.
"This loss is disappointing but does not reflect the fact the overall portfolio of assets in the company at 30 June, 2014, is expected to generate positive earnings going forward," he said.
Specifically discussing van Eyk, Banes said, "our minority investment in van Eyk Research Pty Ltd has failed to meet our expectations".
"As you know, the Board wrote down the value of this investment by $5,825,584 during the first half of 2013/14. Since the end of 2013/14, van Eyk Research Pty Ltd entered into Voluntary Administration. We expect this event will impact further the value of this investment during 2014/15," he said.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
