August F Arace

Arace was born in Elizabeth, New Jersey, on March 5, 1930, to Sylvester and Josephine (Pellicone) Arace. He attended Pingry School and Lafayette College, served in the Air Force, and graduated from Syracuse University with a B.S. in Finance in 1955. Arace began his career in New Jersey brokerage firms, including Nugent and Igoe, which was acquired by Tucker Anthony Management Corp in 1970. He earned positions of increasing responsibility in the firm over time, including Research Analyst, Portfolio Manager, Marketing Director and Trustee. In the early 1980s, he was among the top 25 commission salesmen in the firm. He became a Managing Director and Shareholder until Tucker Anthony was sold to John Hancock Insurance Co. of Boston.

Arace's inquiring nature led him to study the global financial and monetary system and he became an expert in the gold market. He is best known for creating and managing an innovative mutual fund in the early 1980s that combined investments in precious metals and US Government securities, called Freedom Gold and Government Trust, the first hybrid mutual fund held by the firm. John Hancock later merged with a Canadian firm, and Arace completed his career as a Senior Vice President at Royal Bank of Canada Wealth Management. He also served as a Director of Harmonia Savings Bank in Elizabeth, New Jersey, and Director and Treasurer of Hidden Valley Ski Area in Vernon, New Jersey.

Arace enjoyed sports and being outdoors, including golf, skiing, swimming, boating and fishing. In his later years, he was lovingly cared for by his wife Elaine (Brancaccio) Arace. In addition to his wife, he is survived by his daughter Deborah Jill Arace of Waisfield, Vermont. He was predeceased by his son Christopher Hand Arace of St. Augustine, Florida.

A memorial mass will be held on Thursday, June 8 at St. Vincent Ferrer Roman Catholic Church, 869 Lexington Avenue, NY, NY, at 10AM.