AMR Investment Services hired Causeway Capital Management to manage a portion of the American AAdvantage International Equity Fund. Causeway’s management team had worked at the Hotchkis and Wiley business of Merrill Lynch and had been managing the AMR fund. Hotchkis and Wiley is buying itself back from Merrill Lynch. William Quinn, president of AMR, said the firm selected Causeway to retain the managers that had been handling the assets.
AMR Investment also terminated Hotchkis and Wiley as subadviser for the American AAdvantage Balanced Fund, for which it managed $80 million. The money will be managed internally. The move was made because Hotchkis and Wiley’s fixed income management team was restructured as a result of the firm’s buyback, according to Mr. Quinn.
