Bank of America-Merrill Lynch has hired Macquarie's Asia strategist Tim Rocks as its new Australia equity strategist, according to an internal memo. Rocks will return to his native Australia to take up his new job on August 3.
Based in Sydney, Rocks will work closely with the bank's head of Australia economics, John Rothfield, to provide macroeconomic and investment strategy insights for BoA-Merrill Lynch's institutional and broader client base, the bank said. He will also work closely with his colleagues in fixed income, foreign exchange and the other macro disciplines, and make contributions to the bank's regional cross asset-class products.
"As a senior and integral member of the Asia-Pacific equity strategy team, [Rocks] will add scope and depth to our regional product and bring significant experience to our equity strategy effort," the memo said.
He will hold the title of managing director and report to Sadiq Currimbhoy, head of Asia-Pacific investment strategy, and to Andrew Kearnan, who is head of Australia research.
Rocks has been head of Macquarie's Asia investment strategy since 2004 and is well-known for his "Rocks on Stocks" strategy reports. He joined Macquarie in Australia in 1997, initially as senior analyst, investment strategy, and later as head of investment strategy. He moved to Hong Kong for the Asia job in 2004. Prior to Macquarie, he worked at the Reserve Bank of Australia, the country's central bank, for six years. The Reserve Bank provided him with a scholarship to attend London Business School, where he obtained a Masters of Finance and graduated with distinction at the top of his class.
Rocks is well-known in the Australian investor community and according to the memo, he already has strong existing relationships with BoA-Merrill Lynch's local client base.