Hotchkis & Wiley Funds

has changed its company name and is shuffling managers. Soon the small, no-load fund group will also be asking shareholders to approve changing their funds' names and adding loads, or sales charges, as well.

On June 30, the firm changed its name to

Mercury Advisors

, according to a prospectus supplement filed with the

Securities and Exchange Commission

Thursday. Hotchkis & Wiley is a

Merrill Lynch

affiliate and Mercury is a brand under the

Merrill Lynch Investment Managers

umbrella.

At the same time, James Doyle and Mark Morris replaced Sarah Ketterer and Patricia McKenna at the helm of the sagging

Hotchkiss & Wiley Global Equity

. The global stock fund's 3.6% three-year annualized return trails 93% of its peers, according to

Morningstar

.

Two other funds had less dramatic management changes. Roger DeBard retired, dropping the reins of

(HWBAX)

Hotchkis & Wiley Balanced,

(HWTRX)

Total Return Bond and

(HWLDX)

Low Duration funds. In each case, the rest of the funds' management teams remain intact.

Soon shareholders will receive a proxy asking them to approve name changes slapping a Mercury label on each of the firm's nine stock and bond funds. More importantly, the proxy will also ask shareholders to approve adding front and back-end loads to the currently no-load funds, in order to sell them through brokers. No doubt the firm hopes to boost its funds' generally small assets by focusing on the potentially lucrative broker channel.

While approving the proposal would make the funds more expensive to new customers, current shareholders would still be allowed to buy shares on a no-load basis.

The filing indicates proxies would be mailed this month or next, before a September shareholder meeting. If approved, the changes would be made in October.

Montgomery Funds Installs Redemption Fee

Montgomery Funds

has gotten into the redemption fee act.

Like many other fund shops, Montgomery has slapped a 2% redemption fee on shares of its 14 stock funds sold within 90 days of purchase. The fee, which became effective June 30, is designed to discourage market-timers who trade in and out of funds hoping to profit from broad market moves. These fast traders typically boost the expenses paid by a fund's long-term shareholders.

As usual, money raised by the fee will be paid directly to the fund to offset trading expenses, not to the fund company.

Schwab's S&P 500 Fund Adds Redemption Fee

Market-timers won't have the

(SWPIX)

Charles Schwab S&P 500 fund to push around anymore, either.

The online broker has slapped a 0.75% redemption fee on shares of the fund sold within six months of purchase, according to a Wednesday regulatory filing.

Of course, in the near-term timers can have a field day. The fee will cover shares purchased on or after Sept. 15.

See Wednesday's

Fund Openings, Closings, Manager Moves.

See Tuesday's

Fund Openings, Closings, Manager Moves.

See Monday's

Fund Openings, Closings, Manager Moves.