Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Administration July 11, 2002
Van Kampen Sells Off Separate Account Business
November 19, 2001 (PLANSPONSOR.com) - Oak Brook,
Illinois-based Van Kampen Management has sold a unit that
specializes in managing fixed-income investments for pension
funds, insurers and wealthy individuals to a group of
employees, according to Crain's Chicago Business.
Reported by Nevin E. Adams
McDonnell Investment Management LLC, also based in Oak
Brook, opened for business Nov. 1 with Dennis McDonnell,
formerly president of Van Kampen’s investment advisory
business, as chairman, and Edward A. Treichel as president
and CEO.
Treichel was executive director and director of Van
Kampen’s institutional asset management unit.
All the employees of Van Kampen’s separate account fixed-income team moved over to McDonnell Investments, along with 180 of the 190 mainly institutional clients, according to the report. The group oversees a $6 billion portfolio.
The client base is nationwide, with a large portion of its assets coming from union retirement plans.
The split was amicable, according to a spokeswoman for Van Kampen Management, who noted that the separate account business was not consistent with the firm’s core business – equity and fixed-income mutual funds, unit investment trusts and equity separate accounts.
The transaction has reportedly been in the works for a number of months.