Hotchkis and Wiley, the Los Angeles-based asset manager that split off from Merrill Lynch’s Mercury Funds earlier this year, said today that it has hired one of Mercury Funds’ sales managers.

Bob Dochterman, who served as the sales manager for Mercury’s Western division, was named national sales director for Hotchkis and Wiley. In his new role, Dochterman will be responsible for building the firm’s intermediary distribution network from scratch. As part of that effort, Dochterman will be adding at least two external wholesalers and a one or two internal support staff, he said.

Dochterman began with Mercury Funds in1999 overseeing the firm’s distribution, including the recruitment, hiring and training of a team of external and internal wholesalers.

Dochterman said his experience with Mercury will be a valuable resource in building the distribution infrastructure at Hotchkis & Wiley, but said that there are a number of differences between the two firms. "We’re a value, niche player that’s privately owned [and] big in institutional sales," he said. "We will be much more focused in our approach [than] Merrill."

Currently, Hotchkis and Wiley has $4 billion in primarily institutional assets, the company said.

Prior to working for Mercury Funds, Dochterman was a regional manager with Salomon Brothers Asset Management overseeing the firms Southwestern territory.

Hotchkis and Wiley was purchased by Merrill in 1996 but then sold its domestic equity business back to Hotchkis and Wiley’s management in July for an undisclosed sum.

Hotchkis and Wiley currently sub-advises the Mercury HW Large Cap Value, Mercury HW Mid Cap and Mercury HW Small Cap Value funds. Pending shareholder approval, those funds will be reorganized and renamed under the Hotchkis and Wiley name, the company said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.