The Australian Securities and Investments Commission says it has launched legal action against Macquarie Group after it admitted it failed to properly manage a fund that made a $30 million investment into a Cayman Islands-based account.

ASIC said Macquarie Investment Management failed to address the risks associated with the van Eyk Blueprint International Shares Fund, which it managed, pouring millions into the Cayman Island-based Artefact Partners Global Opportunities fund in 2012.

Three investments into Artefact were made between July 6 to October 30, 2012.

Macquarie admitted it had failed to comply with its duties by allowing members to withdraw from the van Eyk fund when it was illiquid, and failed to make adequate and timely enquiries into why full redemptions had not been paid.

ASIC said the NSW Supreme Court would hear submissions from both parties in order to determine an appropriate penalty.

"The Corporations Act places important obligations on responsible entities which protect the interests of investors," ASIC commissioner Greg Tanzer said in a statement.

"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."

Macquarie has admitted to five contraventions of the Corporations Act, ASIC said.

van Eyk was a financial markets research house which entered administration in September 2014 and later liquidated.

In a statement, Macquarie said following significant recovery, the entire $30 million van Eyk invested in Artefact has been returned to investors.

"ASIC and Macquarie have agreed in today's settlement that, as responsible entity, Macquarie did not exercise sufficient care and diligence in relation to van Eyk's decision to invest in Artefact," Macquarie Investment Management said.

Law firm Slater and Gordon launched a class action against Macquarie, on behalf of investors in the van Eyk funds.