David Smyth

Zenith Investment Partners (Zenith) has entered into a conditional sale and purchase agreement with NZX Limited to acquire New Zealand’s leading research business, FundSource, as it expands into offshore markets.

FundSource is one of New Zealand’s longest standing investment research houses, having supplied analysis to financial advisers and fund managers since 1983. FundSource is a well-known and trusted brand in the New Zealand market, monitoring approximately 700 funds (unit trusts, KiwiSaver schemes, personal schemes and insurance bonds) totalling over $100 billion in NZ Household savings.

FundSource is a leading source of quality research to market participants, producing qualitative and quantitative research in addition to insightful industry reports.

Zenith will continue to build on the brand excellence FundSource has become known for in the NZ market over the past 35 years while also expanding upon the suite of services available to users.

Commenting on the acquisition, co-founder and director, David Smythe, stated “Zenith is committed to growing the NZ market for funds research and sees a great opportunity to bring together the synergies of a strong brand in the NZ market with the size and scale of our Australian operation from a research and analytical perspective”.

The sale process is expected to be finalised during May 2019.

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David has extensive experience in both funds management and investment research. He was previously Chief Executive Officer and Founding Partner of Concise Asset Management, a Melbourne-based Australian equity fund manager. Over nine years his primary focus was on relationship management across institutional and retail channels, including dealer groups, family offices, researchers and platforms. Prior to Concise, David spent 5 years as a Director of Sales and Marketing at UBS Global Asset Management, where he was responsible for all wholesale managed investment sales in southern Australian states. David’s experience also includes research roles at both InvestorWeb and Lonsdale Securities.

David Smythe said “We are delighted to have David join Zenith at a time of significant growth and opportunity for the business, particularly in the managed accounts space. David brings a unique skill set to our sales team on top of his relationship experience, that includes a successful track record running a fund manager and first-hand understanding of the research landscape. David will add significant firepower to our advice-based relationship approach with dealer groups.”

David joins at a time of significant evolution in Zenith’s business model, with the business broadening its capability to include managed accounts, on top of its existing research and consulting services. The research house has increased resources in sales, marketing and IT to position itself for growth in a rapidly increasing market segment.

“Advice groups are seeking time-saving solutions that can also offer their clients performance, transparency and robust compliance. Our managed accounts tick these boxes, and are a natural extension and fit with a research business such as Zenith.”

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ZGA combines the global alternatives research and resources of Gottex Fund Management with private interests associated with David Smythe and Daniel Liptak. ZGA will obtain and operate under its own AFSL.

ZGA will focus on bespoke solutions for alternative assets customising to strategy type, regional focus, liquidity, risk tolerance and fee load constraint. ZGA is not beholden to an implemented model or a fund of fund approach where the lack of the flexibility has shown that these approaches redundant as they fail to meet an individual client’s needs.

ZGA will utilise both the domestic alternative database of Zenith Investment Partners and the global resources of Gottex Asset Management.

Zenith Investment Partners co-founder and director, David Smythe, said: “ZGA delivers global reach with a local presence”. “ZGA clients will have access to unrivaled expertise in global and domestic hedge funds which will lift the covers on transparent due diligence”.

Daniel Liptak, will move from Zenith Investment Partners to head ZGA as Chief Executive Officer while David Smythe, co-founder of Zenith Investment Partners will be a non-executive director of ZGA.

Gottex Fund Management has a heritage dating back to 1992, over $7.0 billion in fee earning assets and office locations in Hong Kong, Zurich, Lausanne, Luxembourg, Switzerland, United Kingdom, New York. Gottex is a majority employee controlled company with more than 110 employees, dedicated to alternative investments.

Max Gottschalk, Chief Executive Officer of Gottex Asia, stated “This is the launch of a new alternatives advisory business with its own committed resources delivered to the needs of Australian clients”. “Gottex is one of the largest hedge fund allocators in Asia and today’s announcement further reinforces our commitment to the region and teaming with local practitioners who understand the needs of the local market”

Other than the use of Zenith’s alternative research database and some common shareholders, the two businesses will operate independently and Zenith Investment Partners business and focus will remain unchanged with it continuing to target the intermediary adviser market place with its research, investment committee and model portfolio offering.

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