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
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.