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Blueprint for trouble
If one topic has dominated discussion within the financial services industry over the past three months it has been the demise of research and ratings house van Eyk, following the troubles which beset its Blueprint funds.
The problems which beset van Eyk came to industry attention during August's Financial Services Council conference in Cairns and have been a focal point ever since, not least because of the manner in which media reports traversed the involvement of New Zealand investor, George Kerr and his Pyne Gould vehicle. Pyne Gould sold its holding in van Eyk in 2013 in what now looks like a very timely exit.
Rollover also notes that the New Zealand Stock Exchange earlier this month suspended trading in the shares of Pyne Gould Corporation after the company failed to file its annual report - something which will likely be rectified in due course.
Rollover recognises that there are not too many Australian directors on the board of Pyne Gould, but those residing in Australian jurisdiction, Russell Naylor and Greg Bright, will doubtless be paying close attention.
At last report, the Australian Securities and Investments Commission was certainly paying close attention to what gave rise to the problems within van Eyk.
AUTHOR
The Rollover
Rollover is a jaded hack who joined the staff of Super Review nearly two decades’ ago and never managed to summon the energy to leave. Known throughout the superannuation industry as a power-luncher and gossip, Rollover spends his time humouring fund managers, eavesdropping at conferences, dozing through briefings and looking for his next free meal.
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