Lonsec Has Bought The Research Platform And Customers From The Liquidator Of The Troubled van Eyk Business

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Lonsec Research has bought the iRate technology platform and client base from the liquidators of the troubled van Eyk group of companies.

iRate is the online platform to access van Eyk’s specialist investment research, market reports and portfolio tools.

The privately-owned research Lonsec, 40% owned by venture capitalist Mark Carnegie, would not reveal the purchase price.

Liquidators Moore Stephens had earlier said it had received more than 40 enquiries about the research business of van Eyk.

Van Eyk is in liquidation after an administrator was appointed in September following problems around a series of portfolios van Eyk ran as investment manager on behalf of Macquarie Bank.

This is now being investigated by the corporate regulator ASIC (Australian Securities and Investments Commission) and by the Financial Markets Authority in New Zealand.

However, its research business, started in 1989, is well regarded.

Amanda Gillespie, joint CEO of Lonsec Fiscal Holdings, says the acquisition will enhance and evolve the delivery of research and portfolio construction tools to clients.

It will also allow Lonsec to showcase research to the current iRate clients.

Lonsec is in the middle of an IT project to create a series of platforms aimed at advisors, fund managers, superannuation funds and other financial services.

The acquisition of iRate will save at least 18 months of development time and testing.

Lonsec is working with the liquidators, Moore Stephens, to liaise with clients. The expected date of transition is in three weeks’ time.

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