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Bob Doll to Retire From Nuveen

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What You Need to Know

  • Doll, known for his annual Ten Predictions for markets, leaves at the end of March.
  • He has spent 42 years in the fund industry, having worked at BlackRock, Merrill Lynch and OppenheimerFunds.
  • Scott Tonneson, portfolio manager and senior research analyst at Nuveen, will assume Doll's portfolio responsibilities.

Bob Doll, Nuveen’s chief equity strategist and senior portfolio manager, is retiring, after working 42 years in the asset management industry, according to the firm.

Before Doll joined Nuveen in 2012, where he manages seven portfolios and oversees $2.5 billion in large-cap equity strategies, he was the chief equity strategist at BlackRock, the president and chief investment officer at Merrill Lynch Investment Managers and the chief investment officer of OppenheimerFunds. He leaves Nuveen at the end of the month.

Scott Tonneson, portfolio manager and senior research analyst at Nuveen who has worked with Doll as co-portfolio manager on the strategies he manages, will assume Doll’s portfolio responsibilities, according to Nuveen.

An internal memo announcing Doll’s pending retirement and first reported by Citywire indicated that the decision to leave was his own. “He feels the time is right to move to the next phase of  his life. While we will miss Bob, we fully support him in this decision.”

The memo noted Doll’s “incredible 42 years as a leading equities investor and thought leader,” and his passion about “his family, philanthropy and faith,” and Nuveen’s gratefulness for his contributions to the firm.

Doll is well known for his annual Ten Predictions, which he updated midyear, in both cases always assessing his correct calls and his misses.

In addition to Tonneson, several other Nuveen portfolio managers are assuming new portfolio responsibilities. David Chalupnik, who heads U.S. Active Equities Portfolio Management and portfolio manager David Park will become portfolio managers on the Nuveen Large Cap Core fund and Concentrated Core, Stable Growth & Stable Growth Balanced separately managed accounts. Chalupnik will also be named portfolio manager alongside Tonneson on the Nuveen Equity Long/Short and Nuveen Equity Market Neutral funds and  associated separately managed accounts.

Saira Malik, chief investment officer and head of Nuveen Global Equities, which had more than $415 billion in assets during 2020, leads the firm’s equities platform, where over 70% of assets are invested in strategies that are outperforming the peer group median over the trailing one, five and 10-year time horizons, according to Nuveen.