Research house van Eyk has entered voluntary administration following the closure of 14 of its Blueprint Series managed funds.
In a statement released yesterday, the company announced it has appointed Trent Hancock of Moore Stephens Sydney Corporate Recovery Group as a voluntary administrator.
"The decision by the company to enter voluntary administration follows the recent and sudden closure of the Blueprint Series of managed funds," van Eyk said.
"This has presented short term financial challenges as it is currently structured to the parent company, van Eyk Research Pty Ltd and the company determined that the prudent course of action was to enter voluntary administration," van Eyk said.
The process will allow the administrator to "quarantine and preserve" van Eyk's investment research, asset consulting and financial advisory businesses and independently evaluate capital restructuring options, said the statement.
"The voluntary administration does not involve the unitholders in the van Eyk Blueprint Series of managed funds," the statement said.
"These funds remain under the purview of their responsible entity, Macquarie Investment Management."
van Eyk Research chief executive Mark Thomas said it was "regrettable" the company had to enter administration, "but it is necessary under our current corporate structure".
"We will work actively and constructively with the administrator and all our stakeholders to facilitate a more sustainable corporate platform to ensure certainty and growth for our core businesses,” the statement said.
“We remain absolutely committed to providing our clients with a seamless quality research and consulting service and it will remain business as usual for van Eyk in delivering on this commitment while the voluntary administration process is underway.”
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