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.