Richard Bernstein to Manage Stock Mutual Fund for Eaton Vance
Richard Bernstein, who was the chief investment strategist at Merrill Lynch & Co. until 2009, will manage a new global stock mutual fund for Eaton Vance Corp., according to a regulatory filing.
The Eaton Vance Richard Bernstein Multi-Market Equity Strategy Fund will be “managed in a macro-driven, top-down style that will emphasize and deemphasize various global equity market segments at different times,” according to a July filing with the Securities and Exchange Commission. The preliminary prospectus is dated October 2010, indicating it may open for business this month.
The fund’s holdings of U.S., developed-market and emerging- market equities will vary based on quantitative indicators and economic analysis, the filing says.
Bernstein joined New York-based Merrill Lynch in 1988 and quit in 2009 after it was purchased by Bank of America Corp. of Charlotte, North Carolina, to found Richard Bernstein Advisors LLC. He was the top-ranked analyst in his category 10 times in Institutional Investor magazine’s annual poll, according to his company’s website.
A receptionist at New York-based Richard Bernstein Advisors said he was out of the office, and Bernstein didn’t immediately respond to an e-mail seeking comment. Eaton Vance, based in Boston, managed $173.3 billion as of July 31, including $57 billion in equity funds and $49.3 billion in bond and bank-loan funds. Robyn Tice, a spokeswoman, declined to comment.
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