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.
 
Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE