Doug Cliggott of Zurich-based global financial services firm Credit Suisse Group may have quit as its U.S. equity strategist, Bloomberg reports. There has been no official announcement so far. Cliggott joined Credit Suisse in October 2009.
His forecasts for the Standard & Poor’s 500 Index for 2009 and 2010 turned out to be too bearish. In August this year, he lowered his year-end estimate for the S&P 500 in 2011 to 1,100 from 1,275. Though the index has fallen close to that level thrice in 2011 and even breached it, it rallied past 1,200 last week. Cliggott has also worked with JPMorgan Chase & Co., Stockholm-based Brummer & Partners Kapitalfoervaltning, Dover Management and Race Point Asset Management.
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