Thursday 23rd June 2016 - 12:54 pm

ASIC prosecuting Macquarie fund managers

by Alan Thornhill

The investment watchdog has launched court proceedings against Macquarie Investment Management.

 

In a statement today, the Australian Securities and Investments Commission said Macquarie had been the responsible entity of the van Eyk Blueprint International Shares Fund (VBI Fund).

 

ASIC said the proceedings involve investments of $30 million made by the VBI Fund in 2012 into a Cayman Islands based fund.

 

It said that fund was known as Artefact Partners Global Opportunities Fund (Artefact).

 

ASIC also said 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, the commission added.

 

It said: “MIML has admitted to five contraventions of the Corporations Act and the parties have filed an Agreed Statement of Facts.”
Commissioner Greg Tanzer said, ‘The Corporations Act places important obligations on responsible entities which protect the interests of investors.”
He said: “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,” he added.
The Supreme Court of New South Wales will be asked to set apropriate penalties.

 

 

An early hearing is expected.


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