Mercury Funds, a unit of Merrill Lynch Investment Managers of New York, has announced that the Hotchkis and Wiley family of funds will be renamed using the Mercury brand name.
Some of the ten funds will be renamed Mercury HW funds while some funds will simply be called Mercury funds, according to the company.
Mercury Funds includes funds from former Mercury Asset Management and Hotchkis and Wiley divisions as well as Quantitative Advisers and two funds sub-advised by Turner Investment Partners of Berwyn, Pa. according to the company.
Mercury has created new classes of shares for some of the funds in order to broaden distribution, according to the company. Of the ten funds being renamed, three will be converted to multi-class load funds, two will have two classes and four will be Class I only. The tenth is an insurance trust.
The equity funds will be changed to Mercury HW funds while the non-equity ones will become Mercury funds, according to the company. Mercury currently offers 25 funds with over $6.5 billion in assets under management, according to the company.