Van Eyk shakes-up Blueprint

Manager mandates terminated

By Vishal Teckchandani
Mon 14 Dec 2009

The termination of two managers and reduced allocations to existing managers were all part of the multi-manager overhaul.

Research house van Eyk has terminated fund manager mandates amid a reshuffle of line-ups within its Blueprint series of multi-manager products.

Resolution Capital replaced SG Hiscock in the van Eyk Blueprint Listed Property and Infrastructure Fund after SG Hiscock received a rating downgrade from Adviser Edge, van Eyk's alliance partner.

Magellan was replaced by boutique infrastructure equities manager RARE Infrastructure after Magellan received a downgrade during a recent review and was no longer eligible for inclusion within Blueprint.

RARE and Resolution gained an asset allocation of 19 per cent and 10 per cent in the Blueprint Listed Property and Infrastructure Fund, respectively.

SG Hiscock and Magellan formerly managed 13 per cent and 16 per cent of the Blueprint fund respectively, prior to termination.

In the van Eyk Blueprint Global Emerging Markets Fund, asset allocation to funds, including Aberdeen Emerging Opportunities, Lazard Emerging Markets and Treasury Asia Asset Management (TAAM) New Asia, were slashed significantly to make way for a new mandate to the Schroder Global Emerging Markets Fund.

"Recently, the Lazard Emerging and to a lesser extent Aberdeen have implemented large country tilts that resulted in the van Eyk Blueprint Global Emerging Markets Fund's overall allocation to Asia being below the targeted exposure," Lemon said.

"For this reason, coupled with the benefits of diversification, van Eyk has recommended that Schroders be appointed to the van Eyk Blueprint Global Emerging Markets Fund."

The Schroders fund has been given a 37.5 per cent allocation within the van Eyk Blueprint Global Emerging Markets Fund.

Aberdeen and Lazard now both have a 25 per cent allocation within the Blueprint fund, from 40 per cent each.

TAAM's allocation was reduced to 12.5 per cent from 20 per cent.

Van Eyk opted to boost exposure to micro caps within its van Eyk Blueprint Smaller Companies Fund on a view that the smallest stocks would benefit most from the ongoing resurgence in domestic markets for risky assets and improved liquidity, Lemon said.

The fund raised its asset allocation to the Acorn Capital Wholesale Microcap Trust to 17.5 per cent from 8.5 per cent and slightly reduced its allocation to small-cap managers.

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