Oct. 15 (Bloomberg) -- Doug Cliggott, whose bearish stock calls from last year were proving more accurate in 2011, is no longer the U.S. equity strategist for Credit Suisse Group AG, according to two people with direct knowledge of the matter.
Cliggott is still employed by Zurich-based Credit Suisse, according to the people, who asked not to be identified because the information isn’t public. The former fund manager has usually had the lowest forecast for the Standard & Poor’s 500 Index among strategists since Bloomberg began tracking him in September 2010, when his year-end forecast was 1,075, which proved the least accurate.
Steven Vames, a New York-based spokesman for the firm, declined to comment. Cliggott, who turns 55 this month, didn’t respond to e-mail and telephone messages seeking a response.
Credit Suisse hired Cliggott in October 2009 and he became one of two voices who made S&P 500 forecasts. The other, global equity strategist Andrew Garthwaite, is more bullish with a 2011 price forecast of 1,180.
Cliggott, who is based in Boston, reduced his year-end estimate for the S&P 500 in 2011 to 1,100 from 1,275 on Aug. 22. The benchmark gauge for U.S. equities has fallen close to the 1,100-level three times this year and slid to 1,099.23 last week. The S&P 500 has rallied 11 percent since, climbing to 1,224.58 yesterday.
Cliggott was too bearish during the bull market in 2009 and 2010. While at Dover, he said in May 2009 that stocks had gone “too far, too fast” after jumping 34 percent from a 12-year low in March. The measure went on to advance another 23 percent through the end of the year.
In January 2010, he said the S&P 500 would be unchanged for the year. The index added 13 percent to 1,257.64. His year-end estimate in September 2010 was 1,075, the lowest in a Bloomberg survey.
Cliggott, a Massachusetts native, worked at JPMorgan Chase & Co. for six years before leaving in 2002 to run Stockholm- based Brummer & Partners Kapitalfoervaltning AB’s U.S. research office in New York. He joined Dover Management LLC in 2007 as chief investment officer after working for Race Point Asset Management LLC.
--With assistance from Alexis Xydias in London. Editors: Nick Baker, Chris Nagi
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