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Alternative Market Briefing

Australian regulator finds Macquarie Investment liable for van Eyk’s fund

Monday, June 27, 2016

Komfie Manalo, Opalesque Asia:

Australian market regulator Australian Securities & Investments Commission (ASIC) said it has commenced proceedings against Macquarie Investment Management Ltd (MIML) as the responsible entity of the van Eyk Blueprint International Shares Fund (VBI Fund).

The proceedings involve investments of $30m made by the VBI Fund in 2012 into a Cayman Islands based fund, known as Artefact Partners Global Opportunities Fund (Artefact). The VBI Fund was one of the Blueprint series of funds of which van Eyk Research Pty Limited (now in liquidation) was investment manager, and MIML was responsible entity.

MIML has admitted to five contraventions of the Australian Corporations Act. Both the ASIC and MIML have agreed that Macquarie has failed to comply with its duties as a responsible entity.

ASIC commissioner Greg Tanzer commented, "The Corporations Act places important obligations on responsible entities which protect the interests of investors. Those obligations require responsible entities to have a supervisory and monitoring role in relation to funds, even where external investment managers have been appointed. ASIC will take action against responsible entities when they fail to meet their obligations."

ASIC-Maquarie deal

ASIC and Macquarie have agreed that MIML was responsible for the following:

  • Failing to adequately address risks associated with the decision for the......................

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