The Research Arm Of Troubled Investment Firm van Eyk Is About To Be Sold

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The research business of troubled investment manager and research group van Eyk is about to be sold.

The company is now in liquidation after an administrator was appointed last month following problems around a series of portfolios van Eyk ran as investment manager on behalf of Macquarie Bank.

However, its research business, started in 1989, is well regarded and the liquidator, Moore Stephens, has received more than 40 expressions of interest.

Trent Hancock of Moore Stephens said: “I expect sales contracts to be exchanged shortly.”

Lonsec, an Australian research house, has confirmed it is interested in buying van Eyk’s research business but will make no further comment.

The corporate watchdog ASIC (Australian Securities and Investments Commission) has raided the Sydney offices of van Eyk and seized documents.

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 a $31 million investment in hedge fund Artefact Partners.

This investment, believed to have ultimately been in local newspapers in the UK, was not immediately available to be turned into cash.

Hancock said he is continuing investigations into the affairs of the van Eyk business in an effort to identify what occurred in the lead-up to the company’s collapse.

“I will also be continuing to assist the Australian Securities and Investments Commission and the Financial Markets Authority in New Zealand with their respective investigations,” he said.

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