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Longtime investment strategist Brian Belski has left BMO Capital Markets, according to a memo seen by Bloomberg News.
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Belski left the firm Oct. 28, the note said. BMO, in accordance with standard practice on Wall Street, pulled his investment strategy and portfolio coverage. A representative for the Canadian firm confirmed Belski’s departure.
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He served as chief investment strategist at BMO Capital Markets since April 2012, according to his LinkedIn profile. Belski did not respond to multiple requests for comment.
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Belski, 59, had been bullish on U.S. equities throughout the course of the three-year bull market. He trimmed his S&P 500 Index year-end forecast in April to adjust for the tariff turmoil that sank stocks but still correctly forecast that U.S. equities would recover.
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He ultimately upgraded his view again as the U.S. stock benchmark snapped back from its nadir, most recently predicting the S&P will rise to 7,000 by December’s close — one of the most optimistic projections among his peers, according to Bloomberg data. The index on Thursday was trading roughly two per cent below that level.
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Belski previously served as chief investment strategist at Oppenheimer & Co., as well as chief U.S. sector strategist at Merrill Lynch, his LinkedIn profile said.
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Other members of Belski’s investment strategy team also departed the firm — head of US equity strategy Nicholas Roccanova, US portfolio strategist Sooyun Hong, and head of Canadian equity strategy Ryan Bohren.
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Belski’s exit is the latest in a string of high-profile market strategist departures from major financial institutions over the past two years.
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Most recently, Goldman Sachs Group Inc. announced the retirement of David Kostin at the end of this year, Christopher Harvey left his post at Wells Fargo Securities LLC, and Jonathan Golub and Patrick Palfrey joined Seaport Research Partners after an exit from UBS Securities in February. Last year, Marko Kolanovic abruptly left JPMorgan Chase & Co.
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