Carol Galley and Stephen Zimmerman, two of Merrill Lynch's executives who run the firm's $550bn fund...
Carol Galley and Stephen Zimmerman, two of Merrill Lynch's executives who run the firm's $550bn fund management business, are to retire.
Galley, 52, and Zimmerman, 51, joined Merrills in 1997 when they sold Mercury Asset Management to the US securities firm for about $5.2bn the highest price ever paid for a fund management company, according to Bloomberg data.
"Galley is one of the most successful and influential investment managers of her generation," said Nigel Russell, head of Edinburgh-based fund industry consulting firm NJR Research.
Merrills has struggled to retain UK pension investors since buying Mercury, which at the time was the country's largest fund manager. Merrills' £3.4bn UK stock fund rose at an annual rate of 9.2% in the three years ending 31 December, ranking it 33 out of 55 similarly run portfolios, according to Combined Actuarial Performance Services Ltd (CAPS). The company has said that net new investments in its British pensions funds were flat last year.
Robert Doll, who joined Merrill Lynch Investment Managers in June 1999 from New York-based Oppenheimer Funds, has been named global chief investment officer. Peter Gibbs, who has worked at Mercury and Merrills since 1989, becomes global chief operating officer.
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