(corrects to make clear that Bob Doll has worked in the asset management industry for more than three decades, not with BlackRock for that entire time)
NEW YORK, June 4 (Reuters) - BlackRock’s chief equity strategist, Bob Doll, who has been one of the biggest cheerleaders of the U.S stock market, will retire from the largest money manager in the world, according to an internal memo obtained by Reuters.
Doll’s responsibilities included overseeing BlackRock’s $1.6 billion Large Cap Core fund, $1 billion Large Cap Growth fund and its $1 billion Large Cap Value fund. He has been in the asset management industry for more than three decades.
Chris Leavy, chief investment officer of fundamental equity (Americas) at BlackRock, will take over Doll’s responsibilities on the Large Cap Series funds, becoming co-manager of those funds along with Peter Stournaras, managing director, the memo showed.
Doll, who also is lead portfolio manager for the firm’s large-cap mutual fund series, will assist with the portfolio transition through June 30, but continue to serve in an advisory capacity through the end of the year.
“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 memo which was 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,” Doll said in the memo.
Reporting By Dhanya Skariachan; Editing by Bernard Orr