Merrill Lynch Investment Managers has reorganized its distribution group for the US institutional market. As a part of the moves, the asset manager also tapped Dick Hoag from Gartmore Global Partners to head the group's large client area.

The reorganization divides MLIM's institutional distribution into three groups. It explained in a statement that "these teams will improve efficiency through better coordination of efforts and communication initiatives to management and throughout the organization." The arm manages $553 billion in assets.

Hoag, 43, reports to managing director James Kase. He will manage the Large Market Corporate/Endowments and Foundations business.

"We are committed to attracting and retaining the best talent in the business," said Mary Taylor, co-head of MLIM Americas. "The new structure of our U.S. institutional distribution group and the hiring of Mr. Hoag, underscore our commitment to clients by allowing us to better leverage our full range of institutional products and insightful investment solutions."

The three groups are:

• Large Market Corporate/Endowments & Foundations and Public Funds will serve all MLIM Americas institutional clients with more than $1 billion;
• Consultants, which will function as the relationship managers to consulting firms and their research departments; and
• Channels, which will link clients to the benefits of the larger Merrill Lynch organization as well as take responsibility for clients with less than $1 billion.

The move comes on the heels of the decision by at least a pair of institutional clients to drop Merrill in to follow former employees to Causeway Capital Management. 

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