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Merrill Lynch Disbands Its Hotchkis & Wiley Unit

Domestic funds will live on under separate entity.

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Merrill Lynch is pulling the plug on its Mercury HW unit, which used to be known as Hotchkis & Wiley. However, the domestic-equity funds will live on under different management.

On Thursday, Merrill announced that it would fold the Los Angeles-based unit and shift most of its assets to other Merrill offices. A spokeswoman for Merrill said the firm didn't want to maintain an L.A. office when most of its business was in New York and Princeton, New Jersey. Further, she noted that the Mercury HW products overlapped quite a bit with Merrill's other value offerings.

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Catherine Hickey does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.