Large boutique financial planning dealer group Lifespan Financial Planning is considering outsourcing a significant portion of its investment research after the tragic loss of head of research David Gaite.
A 22-year veteran of the Australian financial services industry, Gaite passed away aged 45 on February 10 after losing a battle with cancer.
“David applied his wealth of experience and skills to strengthen the Lifespan recommended and approved list of products by reducing our exposure to managers who failed his tests and who were likely to be more volatile or expensive than those he preferred,” Lifespan managing director John Ardino said.
“He also developed his own quantitative tools, criteria and tests for arriving at this manager selection and combinations.”
Ardino said Lifespan was currently negotiating the use of Gaite’s research tools.
He said the 130 planner strong dealership, would continue to use van Eyk research and was considering grooming Gaite’s research assistant for the head research role.
“[Gaite] employed a research assistant, Nicole Liu, and we are encouraging her to grow in the role — she is looking after things together with our general manager Julien Kanagaratnam, who has always been the researcher on agribusiness.”
For other asset classes, such equity fund research, Ardino said Lifespan might do less research in house.
“David certainly did that and whether we’ll continue in that area as much as we did in the past, we’re not sure yet.”
Gaite, who developed his own multi-manager research, was a senior portfolio manager at Ipac Securities before he joined Lifespan in late 2004. His appointment followed the resignation of William Tomac, who had served eight years with the group.
“Few, if any, researcher would have closely investigated and evaluated the sheer number of fund managers worldwide David did or to the same depth of uncovering the skill sets on which their results were based,” Ardino said.
“David’s loss is deeply felt, but those who knew him also celebrate his life because his influence and the fond memory of him will be enduring.”
