Christopher Ayoub, former managing director and head of the core bond group at Merrill Lynch Investment Management, has retired after 20 years with the firm. In his job at Merrill, he oversaw $4 billion in taxable fixed-income, primarily investment-grade corporate bonds. Ayoub has been replaced by Patrick Maldari, according to Cristine Walton, a firm spokeswoman. He had been manager of the firm's low duration team.
Ayoub says he wanted to take advantage of Merrill's retirement package, and to pursue a private venture in the Philadelphia area, managing the assets of high-net-worth individuals. The new venture, which does not yet have a name, will give Ayoub an opportunity to manage equity and fixed-income assets, he says. Ayoub reported to Kevin McKenna, head of fixed-income in the Americas.