Co-heads of Merrill Lynch Investment Managers (MLIM), Carol Galley and Stephen Zimmerman are set to retire.
They will be replaced by Robert Doll and Peter Gibbs as global chief investment officer and global chief operating officer, respectively. Galley and Zimmerman were widely viewed in the industry as the driving force behind the growth of London-based Mercury Asset Management during the 1980s and 1990s, and orchestrated the firm’s acquisition by Merrill in 1997.
Zimmerman’s retirement becomes effective on June 30 and he is thought to be considering starting a hedge fund. Galley will remain with the firm for the balance of the year and is likely to continue to be involved in the ongoing legal action that is being taken by Unilever pension fund over the underperformance of Mercury in the late 1990s.
Galley and Zimmerman both began their careers in 1971 at Mercury Asset Management Group – then part of SG Warburg & Co. After Merrill Lynch acquired Mercury in 1997, they joined the firm's executive management committee. They were named joint chief operating officers of MLIM last year when Merrill Lynch combined its asset management units into a single entity and renamed it Merrill Lynch Investment Managers.
During the past three years, Carol and Stephen have helped us build one of the foremost asset management organisations in the world, one focused on investment excellence and superior client service,” said Jeffrey Peek, executive vice president and president of MLIM.
Doll, currently co-head of MLIM Americas with Mary Taylor, and Gibbs, currently head of MLIM Europe, Middle East and Africa (EMEA), will retain those regional responsibilities in addition to their new global roles. Brian Murdock continues as head of the MLIM Pacific region.
A 21-year veteran of fund management, Doll joined MLIM in June 1999 from the US mutual fund company OppenheimerFunds where he was chief investment officer. Gibbs, a financial-services professional for more than 20 years, joined Mercury Asset Management in 1989 and served in several capacities before being appointed head of MLIM EMEA in 1999.
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