Nov 26 Money manager Nuveen Asset Management on Monday hired Bob Doll as chief equity strategist and senior portfolio manager, just a week after Doll announced he was retiring from a similar role at rival BlackRock.
The move brings a high-profile stock picker to Chicago-based Nuveen, which is seeking to raise its profile with investors and financial advisers and possibly go public in 2013. Doll, who makes regular appearances on financial television networks, is known for his bullish views on stocks and annual list of 10 market predictions.
"For years, advisors have followed Bob's views on the market with great interest as they seek to construct quality, long-term portfolios for their clients," David Chalupnik, head of equities at Nuveen, said in a statement. "We are pleased that we will be able to bring that expertise to the market and our clients."
Nuveen, with $117 billion under management, is a unit of Nuveen Investments, taken private in a 2007 leveraged buyout by Madison Dearborn Partners. The firm said in March it was considering an initial public when market conditions improved.
Last week, BlackRock said Doll was retiring. Doll had told Reuters in June that he was planning to leave the New York-based firm and the three funds he managed there because he wanted to take some time off and the fun was gone.
While he was a star manager in the early 2000s, his performance since he joined BlackRock as part of the acquisition of Merrill Lynch's fund unit in 2006 has been lackluster.
From 2000 to 2005, his Large Cap Growth Fund lost 2.1 percent, while large cap growth funds averaged a 27 percent loss, according to Morningstar.
But for the past one, three, five and 10 years, the three BlackRock funds he helped manage all underperformed their benchmarks, according to Morningstar Inc.