Van Kampen Investments

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Van Kampen Investments, Inc. (also Van Kampen Funds, Inc. or Van Kampen American Capital) was an American mutual fund company. Formerly independent, it was acquired by Morgan Stanley [1] in 1996. Most of Morgan Stanley's asset management activities were principally conducted under the Morgan Stanley and Van Kampen brands.

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On October 19, 2009, Morgan Stanley announced that Van Kampen would be sold to Invesco for $1.5 billion. [2] After the acquisition, Invesco ceased using the Van Kampen name. [3]

History

The company was established in 1974 by Robert Van Kampen in Chicago. He developed a niche bond product when he pioneered insurance coverage for tax-exempt bond funds. After New York City's near-default in 1975, investors flocked to Van Kampen's insured unit investment trusts. In 1982, the company broke records in the industry by introducing a $125 million Insured Municipal Income Trust (IMIT), soon followed by an even larger $128.5 IMIT. By 1983, the company now known as Van Kampen Merritt, Inc. had sold nearly $7 billion of trusts and was the nation's third-largest firm in that arena. [4]

In 1984, Van Kampen sold the firm to Xerox Corporation for about $200 million. However, after eight years, in 1992 Xerox decided to shed all its financial-services units starting with Van Kampen. Xerox had initially planned to offer stock in Van Kampen to the public. However the investment firm Clayton, Dubilier & Rice made a better offer and bought 80% of Van Kampen from Xerox for approx $360 million. The remaining shares were held by Xerox and staff of the firm. [5]

In 1996 Morgan Stanley bought Van Kampen American Capital Inc from Clayton for $745 million to help it build its money management business. Morgan Stanley merged the business with its own money management business but continued to use the Van Kampen name. [6]

In 2009, Morgan Stanley announced that Van Kampen would be sold to Invesco for $1.5 billion. [2] Invesco later dissolved the Van Kampen funds' boards of directors, [7] and eliminated the use of the Van Kampen name in funds in July 2012. [3]

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References

  1. ↑ "Van Kampen Mutual Funds" . Retrieved 2007-06-12.
  2. 1 2 "Invesco to Buy Morgan Stanley Unit for $1.5 Billion". The New York Times. 2009-10-19. Retrieved 2009-10-20.
  3. 1 2 "Invesco Announces Changes to Fund Names, Sales Charges and Share Classes" (PDF). Invesco. 23 July 2012. Retrieved 1 June 2021.
  4. ↑ Milestones Historical Consultants: History of Van Kampen
  5. ↑ "Xerox Sells Van Kampen Financial Unit". Chicago Tribune. October 15, 1992.
  6. ↑ "Morgan Stanley And Merrill Set To Add Money Managers". The New York Times. June 25, 1996.
  7. ↑ "Looking at a Possible Merger Between Invesco and Oppenheimer". morningstar.com. 25 September 2018. Retrieved 1 June 2021.


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