>In a communication to clients yesterday – seen by InvestorDaily
– the research house and financial services company explained that applications and redemptions on a “limited number of van Eyk Blueprint funds” have been temporarily suspended, including the van Eyk Blueprint International Share Fund (VBI).
The suspensions have been imposed in response to a decision by an underlying fund manager, Artefact Partners, to “invest in a portfolio that was not in line with [VBI] strategy and objectives”, resulting in the fund ceasing to be a “liquid scheme as defined by the Corporations Act
As a result, both van Eyk and responsible entity Macquarie Investment Management Limited determined it was “in the best interest of investors” to suspend VBI pricing, applications and redemptions temporarily.
The VBI fund has the largest exposure to the underlying asset manager but other funds, including the van Eyk Blueprint Capital Stable Fund, van Eyk Blueprint Balanced Fund and van Eyk Blueprint High Growth Fund have also been affected, the communication states, and have also ceased to be “liquid schemes”.
“van Eyk is working with the responsible entity to determine how best to implement a withdrawal offer for the funds and is seeking to resolve the matter as soon as possible,” it states.