Buyer for Van Eyk advice business

Saturn Portfolio is set to purchase Van Eyk’s advice business in New Zealand.

Friday, October 3rd 2014, 6:00AM

by Susan Edmunds

Van Eyk went into liquidation last month, after four of its Blueprint funds were invested in an illiquid asset.

Van Eyk purchased Perpetual Portfolio Management last year and rebranded it as Van Eyk Advice.

It has nine advisers working for it in New Zealand and chief executive Mark Thomas had indicated that it had wanted to expand, before the firm struck trouble.

Saturn Portfolio has already acquired Glaister Ennor Asset Management, Rodney Financial Services, Akarana Investment Management and the investment clients of Acumen.

It said it was continually looking to make strategic acquisitons.

Casey Bright, Van Eyk’s national practice manager in New Zealand, said there was a conditional sale arrangement with Saturn.
“We won’t know until October 10 whether it will become unconditional.”

She said Van Eyk’s advisers were continuing to look after their clients as normal in the interim.

Bright would not disclose the sale price of the advice business, nor discuss what was happening with Van Eyk’s other assets in New Zealand.

Saturn’s managing director John McConnell said he was not prepared to comment at this time.

Van Eyk imploded after a breach of the investment mandate in August. Macquarie reportedly had concerns about an investment by Artefact last September. Perpetual Trust also raised concerns and pulled clients out. The Blueprint funds were terminated two weeks after being frozen on August 1.

The van Eyk business has four units including investment research, asset consulting, financial advisory and funds management via the van Eyk Blueprint Series business.

It has been reported that Van Eyk’s Sydney offices have been raided several times by the Australian regulator, ASIC, as recently as this week. It is understood Van Eyk is being investigated for alleged investment breaches.

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