More Raids On The Sydney Offices Of Troubled Funds Manager van Eyk

The corporate watchdog ASIC (Australian Securities and Investments Commission) has again raided the Sydney offices of fund manager and long-time research house van Eyk.

The Australian Financial review says it understands ASIC was back at van Eyk on Tuesday, taking documents and files.

ASIC was at the offices last week as part of an investigation into van Eyk’s Blueprint funds management business.

The company, established in 1989, has gone into voluntary administration, appointing Trent Hancock of Moore Stephens Sydney Corporate Recovery Group as the administrator.

The problems centre around a series of portfolios van Eyk ran as investment manager on behalf of Macquarie Bank, which is the responsible entity charged with protecting investor interests for the funds.

The funds had about $800 million under management but the problem area is reported to be a $31 million investment in hedge fund Artefact Partners. This investment was not immediately available to be turned into cash.

Last month four of the funds were either suspended or terminated and in total 13 have been shut.

The New Zealand regulator is also investigating.

The Financial Markets Authority in New Zealand says it’s liaising with ASIC and making its own inquiries into van Eyk and the Blueprint funds.

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