The van Eyk Blueprint International Share Fund, van Eyk Blueprint Capital Stable Fund, van Eyk Blueprint Balanced Fund and the van Eyk Blueprint High Growth Fund have been terminated effective 15 August.
Redemptions in the four funds were suspended on 6 August following revelations that an underlying manager, UK-based Artefact Partners, had invested in illiquid assets contrary to the funds’ investment mandate.
According to a note on the van Eyk Blueprint website, Macquarie determined it was in the best interests of investors to terminate the funds.
“Termination of the funds will enable distribution of a greater amount of cash as an initial distribution than would be possible pursuant to alternative methods of making cash available,” said the note.
“Termination of the funds will also allow such distributions to occur more promptly than the alternative methods; and due to the size and nature of the illiquid assets of the suspended funds, the funds will no longer be able to be managed in accordance with their investment mandates,” said the note.
Proceeds of the realisation of the illiquid assets, which “comprise a substantial portion of the funds”, will be distributed to investors in instalments, it said.
“The distribution of the first instalment of the termination proceeds is expected within two to three weeks,” said the note.
