A prime strategist at JPMorgan who was caught offside by the inventory market rally is quitting the funding agency.

Marko Kolanovic, who served as chief international markets strategist and co-head of worldwide analysis, is leaving the financial institution to discover different alternatives, in accordance with a supply acquainted with the interior announcement.

In his place, Hussein Malik will grow to be the only head of worldwide analysis, and Dubravko Lakos-Bujas will function chief markets strategist.

Kolanovic rose to prominence amongst market watchers for appropriately predicting a stock market rebound in the course of the Covid-19 pandemic. However he has been persistently bearish over the previous two years because the market has reached new highs.

JPMorgan’s present year-end prediction for the S&P 500 is 4,200, whereas no different main agency within the CNBC Market Strategist Survey is beneath 5,200. JPMorgan’s prediction is formally credited to Lakos-Bujas, who labored underneath Kolanovic.

The S&P 500 is up greater than 15% this 12 months and closed above 5,500 on Tuesday.

Information of Kolanovic’s departure was first reported by Bloomberg News.