SECURITIES

Hotchkis & Wiley Said to Be in Talks With Merrill Lynch: The Los Angeles-based money management firm, which manages $9.7 billion, is in talks to be acquired by Merrill Lynch & Co., an industry newsletter reported. Neither firm would confirm the report, which said the talks are in very early stages and could fall apart. Hotchkis & Wiley was founded in 1980 by John F. Hotchkis and George Wiley. Merrill manages huge sums for individual investors but is a minor player in the institutional business, such as for corporate pension funds.