Van Eyk Blueprint's Diversified Income Fund, Absolute Australian Shares Fund, Listed Property and Infrastructure Fund, Gold Bullion Fund, Global Emerging Markets Fund, Smaller Companies Fund, Australian Shares Fund, Volatility Buffer Fund and Absolute International Shares Fund have been terminated, effective 4 September 2014.
In a letter to investors, Macquarie said a review of the eight funds had identified that, based on investor redemptions, they will cease to be able to be managed at the current management fee rates and would be terminated on 4 September.
“The costs of running the Fund on a per unit basis and the management fees payable to managers of the underlying funds are likely to increase,” a letter from Macquarie said.
“Such fees and costs would need to be passed on to investors in the form of an increased management fee, resulting in lower returns to investors.”
The cancellation of the funds follows the termination of four van Eyk Blueprint funds in August, which was due to underlying manager UK-based Artefact Partners' investment in illiquid assets (contrary to the funds’ investment mandate).
The termination of the nine funds leaves only two funds remaining standing: the van Eyk Blueprint Alternatives Fund and the van Eyk Blueprint Alternatives Plus Fund.
A statement released by Macquarie and van Eyk said they are working together to commence the process of releasing the funds’ assets to investors.
