Top members of the international value equity team at Merrill Lynch Investment Managers Los Angeles office, previously known as Hotchkis and Wiley, are leaving the firm. A Merrill Lynch spokeswoman confirmed that team leader Sarah Ketterer and portfolio managers Harry Hartford and James Doyle have resigned from the 14-member team.
International value equity has been the only strong-performing strategy at the firm, which reportedly has been up for sale. International assets under management doubled to $3.2 billion as of March 31 from the end of the previous quarter. Merrill Lynch hopes institutional clients will shift their portfolios to its London-based international value equity team, which already runs $3.5 million.
Louis Morrell, vice president-investments and treasurer for the $860 million Wake Forest University endowment fund, Winston Salem, N.C., said he would have to see what the new firms capabilities are before re-evaluating the funds relationship with Merrill. The manager currently runs a $60 million global equity portfolio for the endowment fund.