"Several financial firms" have approached Morgan Stanley
about buying its Van Kampen Investments
subsidiary, the Wall Street Journal
reported. Oakbrook Terrace, Illinois-based Van Kampen, which has AUM of about $86 billion, could fetch least $1 billion if Morgan Stanley decides to part with it, the report stated. The WSJ did not identify the interested buyers.
Morgan Stanley purchased Van Kampen American Capital in 1996 for $1.2 billion.
first reported on Friday afternoon that Morgan Stanley was again examining options for its subsidiary. In the spring of last year, Morgan Stanley engaged in formal discussions with Janus Capital Group
regarding a possible combination of Janus and Van Kampen, and other segments of
Morgan Stanley's asset management business, Reuters reported, citing an anonymous source.
Those talks, however, fizzled because Morgan Stanley wanted a controlling stake in the combined entity, according to the report.
Van Kampen could draw interest from the likes of Invesco
, Nuveen Investments
, Federated Investors
and Franklin Resources
, Reuters reported.
Morgan Stanley spokeswoman Erica Platt declined to comment on the news reports.
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