UK – Carol Galley and Stephen Zimmerman, the driving forces behind the growth of UK fund manager Mercury Asset Management during the 1980’s and 1990’s, have announced their retirement from Merrill Lynch Investment Managers (MLIM) just a year after both were named as chief operating officers at the company.
Both Galley and Zimmerman started their careers at Mercury in 1971 and stayed following Mercury’s takeover by the US manager.
The two hold the title of senior vice president at Merrill and are members of the group’s executive management committee.
Zimmerman step s down on June 30, while Galley will remain with the company for the rest of the year.
The retirement announcements arrive in conjunction with a reshuffling at Merrill, which sees Robert Doll step up to the position of global chief investment officer and Peter Gibbs take the global chief operating officer role.
Doll currently co-heads MLIM Americas with Mary Taylor, while Gibbs is presently in charge of MLIM Europe, Middle East and Africa.
Both will retain their regional responsibilities in addition to their new global roles.
Upon her retirement, Galley says she will continue with her various outside interests, which include work as a trustee of the Royal Opera House Trust and the Windsor Leadership Trust, as well as the Tate Foundation.
Zimmerman says he intends to spend more time with his family and continue his work with organisations such as the United Synagogue Pension Fund, the BP pension fund and the Jewish Association for Business Ethics.
He will remain an executive committee member of the Fund Managers Association.