BlackRock’s Doll to retire
BlackRock’s chief equity strategist Bob Doll is retiring at the end of the month after 34 years in the industry.
Doll, a widely known and respected investor, is retiring to devote more time to his family, faith and philanthropic interests, reports in the US have said.
Doll joined Merrill Lynch in June 1999 and was named president of the firm’s investment unit in 2001. He came to BlackRock in 2006, when the money manager purchased the investment unit from Merrill Lynch, bringing its assets above the $1trn mark.
Doll’s responsibilities include overseeing BlackRock’s $1.6bn Large Cap Core fund, $1bn Large Cap Growth fund and its $1bn Large Cap Value fund since they were started by Merrill Lynch in 1999.
“I’ve decided that now is the right time for me to shift my priorities and move to the next chapter of my life,” Doll said in an internal memo sent to BlackRock employees.
“While investing will always be a passion for me, I also want more time to devote to my family, faith and philanthropic interests,” he said.
Doll is known for his bullish stance on stocks, and said in January he expects US equities will produce double-digit returns in 2012.
Chris Leavy, chief investment officer of fundamental equities for the Americas, and Peter Stournaras, who has co-managed the funds with Doll since 2010, will take over the portfolios immediately, with Doll working closely with them until his departure on 30 June.
Doll will stay on at BlackRock, which manages $3.68trn in assets, in an advisory role until the end of this year.
Doll, who publishes an annual list of 10 market predictions, said in his 2012 outlook that the European debt crisis would begin to ease, US equities would beat non-US stocks for the third year in a row, and Republicans would capture the US Senate and defeat US president Barack Obama.
This article was first published on Investment Week