Merrill Lynch Investment Managers (MLIM) has given responsibility for its Los Angeles operations to James MacMillan and his team in London.
MacMillan will handle the $1.4bn Mercury HW International Value Fund. The Mercury fund was formerly run by asset manager Hotchkis & Wiley, whom MLIM acquired in 1996.
MacMillan is taking over the Mercury fund as the Hotchkis & Wiley managers who used to run the fund, Sarah Ketterer, Harry Hartford and James Doyle, resigned last week to form their own company. Ketterer, Hartford and Doyle left MLIM, according to reports, as they wanted a direct equity stake in their own business. The trio has set up a new asset management firm, Causeway Capital Management. At MLIM, the three ran a total of $3.2bn, including institutional assets and the Mercury fund. A spokesperson for MLIM said that the company was now considering its options regarding the Los Angeles business. She said that one of those options included the sale of the business.
By Geoffrey Ho
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.
Some 56% of defined contribution (DC) asset managers do not believe they will have transaction cost information in time for pension funds' March year-end statements, according to Lane Clark & Peacock (LCP) research.
NEST has appointed Clive Elphick, Martin Turner, Mutaz Qubbaj and Chris Hitchen as trustee members of its reshaped board.
Most people want to avoid investing in projects that contribute to climate change, and would consider moving to another less-exposed provider, according to a survey commissioned by ClientEarth.