Martin Zweig, who chairs the boards and serves as an officer for two closed-end funds that bear his name, will resign in late November, the boards of directors for both funds said Friday.
Zweig will relinquish his duties overseeing the Zweig Fund, Inc., and the Zweig Total Return Fund, Inc. on Nov. 30, but will continue to provide sub-advisory services via Zweig Consulting Group.
He will be replaced by Philip McLoughlin, the former CEO of Phoenix Investment Partners. Phoenix acquired the Zweig closed-end funds in 1999, and McLoughlin serves on the boards of more than 40 funds that are advised by affiliates of Phoenix.
In a statement, Zweig said he has chosen to focus on market and economic analysis, as well as the asset allocation of the funds.