Van Kampen Funds is losing its chief executive to retirement. The firm announced that Richard F. Powers III will retire from both his president and chief executive officer posts at the end of November.

A spokesperson confirmed that no replacement for Powell has been named and could not comment on whether a search is underway.

Powers oversees all of the Van Kampen business, including its investment advisor and distribution arms. The Oak Brook Terrace, Illinois-based firm is a unit of Morgan Stanley and is located in the Chicago suburbs.

Powers will retain his title as Chairman of the Van Kampen closed-end funds and a Trustee on the Boards of the Van Kampen closed-end funds and open-end funds.  

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