Merrill Lynch Investment Managers has moved quickly to hand the responsibilities of a Los Angeles-based team of value style fund managers to a team led by James MacMillan in London.

The departed managers used to be part of MLIM's Hotchkis & Wiley operation. They comprise team leader Sarah Ketterer, Harry Hartford and James Doyle, who have moved to set up a new fund management operation called Causeway Capital Management. They will be assisted by former MLIM executives Gracie Fermelia and Mark Cone.