Sources: Morgan Stanley wants buyer or partner for Van Kampen

08/26/2009 | Bloomberg

Morgan Stanley is looking for a buyer or a partner for its Van Kampen mutual fund business, sources said. In the past two months, Morgan Stanley has approached Nuveen Investments and Aberdeen Asset Management about a possible deal. "A joint venture makes sense because asset management is fundamentally a very good business," said Brad Hintz, an analyst at Sanford C. Bernstein & Co. and a former treasurer at Morgan Stanley. "I don't see why Morgan Stanley would want to sell an asset-management business if you think the economy's coming back and assets are coming back."

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