Jeffrey Peek, head of Merrill Lynch Investment Managers, is leaving just two months after failing to secure the presidency of the firm, which went to Stanley O'Neal.

Peek is set to be replaced by Robert Doll, currently chief investment officer, who joined the firm in 1999 from OppenheimerFunds. His decision to quit follows the retirement earlier this year of Carol Galley and Stephen Zimmerman co-heads of MLIM in London.