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ATLANTA — Morgan Stanley said Tuesday it will sell its retail asset-management business, including the Van Kampen division, to money manager Invesco for $1.5 billion in a move to focus on institutional clients.
The deal, which includes $500 million in cash and 44.1 million shares, will make Morgan Stanley Invesco’s largest shareholder, with a 9.4 percent equity stake. It boosts Invesco’s assets under management by $119 billion to about $536 billion. The Associated Press
