Miller Anderson & Sherrerd
is going away as of Wednesday. The well-known brand name in the institutional money management business is being dropped by Morgan Stanley this week as part of a move to unify its money management assets.
Earlier this year Morgan Stanley also dropped Dean Witter from its moniker. The brokerage purchased Philadelphia-based Miller Anderson & Sherrerd, which manages $20 billion, in 1995 for $350 million as a way to beef up its institutional money management business.
Morgan made the decision to focus on building one global brand for its business. Yet, Chicago-based Van Kampan, which manages more than $80 billion in assets, appears to be safe for now. The firm will continue to keep the advisor-distributed Van Kampan brand since its funds are sold through rivals brokerages such as Merrill Lynch and Paine Webber.
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