Van Eyk head of research quits

Van Eyk Research has lost its second head of research in less than a year, with Stephen van Eyk's replacement, Nigel Douglas, resigning after the group's annual conference last week.

Douglas was Stephen van Eyk's understudy for more than nine years prior to the departure of the company's co-founder in August last year. At that time, Douglas assumed all management responsibilities for van Eyk's research streams, including investment ratings and the strategic research unit.

Douglas has taken an investment management position in the private client arm of a leading funds management business.

Van Eyk Research chief executive Mark Thomas said Douglas' second in charge, senior analyst John Wong, would be appointed acting head of the investment research unit, while Dr Nigel Wilkin-Smith would remain in charge of the strategic research unit.

Thomas said he is now searching for a new head of research, adding he had been "inundated with interest" about the role following Douglas' resignation.

Thomas said Douglas would likely leave the company in the coming weeks. The van Eyk chief said the delivery of investment reviews would not be affected by Douglas' departure.

"Nigel didn't vote on ratings and didn't write reports, so not a lot will change in the short term," Thomas said.

"Obviously, strategically we need to have somebody sitting across [the role in the long term]."

Thomas described Douglas as a "solid campaigner" for the van Eyk business during his long tenure.

He said despite the loss of Douglas, the company retained a strong base of investment research staff, including 10 analysts.

Thomas said he was also currently recruiting for a number of other roles within the business. The research house has just appointed former QIC employee Dr Stephen Garner to its strategic research unit, under Dr Wilkin-Smith. Thomas is also looking for two additional equities analysts.

"This year we've already done more [work] than we did last year, and I don't want the guys run ragged. I want quality people and I want to make sure they've got enough time to think and they don't get burnt out," Thomas said.

"We want to grow this business and I want to be running all over this stuff with heaps of resources," Thomas said.

Changes have also been made to the investment decision-making team of subsidiary business Blueprint, with consultant and former HSBC head of asset allocation Damien Hennessy joining the Blueprint asset allocation committee, which Stephen van Eyk previously sat on. Stephen van Eyk is yet to announce his next career move.

Van Eyk Research is one of the leading suppliers of investment research to the financial services industry, with the company stating more than 50 per cent of all financial advisers used its research.