David Dreman, the fund manager best known for against-the-grain bets on stocks he deems cheap, will step down as co-chief investment officer of Dreman Value Management.
E. Clifton Hoover, who joined the firm in 2006 as co-chief investment officer, co-director of research and managing director, will succeed Mr. Dreman on Oct. 31, the company said Tuesday in a statement.
Mr. Hoover will become sole investment chief, with responsibility for $5 billion in assets. He joined the firm four years ago from NFJ Investment Group, where he oversaw large- and small-company stocks.
Mr. Dreman, who founded the eponymous firm in 1977, will stay on as chairman and as a member of the investment committee.
“This succession plan has been several years in development,” Mr. Dreman said in the statement.
Mr. Dreman will continue to manage the $77.5 million Dreman High Opportunity Fund and the $7.26 million Dreman Market Over-Reaction Fund.