Bloomberg News Merrill Lynch Investment Managers said Gilles Marchand and Rick Kilbride, co-heads of its $7.5 billion of loan funds, have resigned as the asset management arm of the biggest U.S. securities firm seeks to improve performance.

Vincent Lathbury 3d, who had overseen Merrill’s high-yield bond and emerging-market debt funds, will take over its bank loan funds, giving him a pool of $13.5 billion to oversee, said Bob Browne, co-head of fixed income for Merrill Lynch Investment Advisors Americas.

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