At the Bell

Bond staff shifted by Morgan Stanley

Morgan Stanley has shifted responsibility for more than $5 billion in assets of its Van Kampen Investments Inc. unit in Oak Brook Terrace, Ill., to managers at the parent company’s former Miller Anderson & Sherrerd unit.

As a result of the change, three fixed-income managers are leaving Van Kampen, Investor News Service reported. They are Ted Mundy, Robert Hickey and Kelly Gilbert, who managed 14 funds, trusts and portfolios.

High-yield and investment-grade teams have been named to manage most of the funds beginning Aug. 1.

Under a reorganization plan, Morgan Stanley wants to promote its brand name and keep the Van Kampen name, but it is dropping the Miller Anderson brand.

The high-yield team consists of Gordon Loery, Stephen Esser and Deanna Loughnane, while the high-grade crew includes W. David Armstrong, Paula O’Brien and David Horowitz.

SIA pressuring Senate on fees

The Securities Industry Association launched last week a grassroots campaign to get the Senate to approve popular legislation to reduce securities fees.

This past March, the Senate unanimously passed a version of the bill, which would bring securities fees in line with the cost of running the Securities and Exchange Commission. The House passed its own version by 404-22 in mid-June.

The SIA wants the Senate to approve the House measure to avoid having to go through a conference committee, but Senate Majority Leader Tom Daschle, D-S.D., wants the bill’s cost to be offset by other tax increases or spending cuts. The bill also would increase the SEC employee pay scales.

The SIA is posting a letter on its website that it wants investors to use to get in touch with their senators. Chief executive officers of SIA member firms also are asking their employees to write to the Senate using the website.

The SIA says its last grassroots effort resulted in more than 50,000 letters being sent to members of Congress to support passage of retirement savings incentives.

House panel to vote on 401(k) advice

The House Education and the Workforce Committee’s employer-employee relations subcommittee is scheduled to vote Wednesday on legislation that would make it easier for financial advisers to give specific investment advice to participants in retirement plans.

Thirteen House members have joined the list of co-sponsors since the administration testified in support of the legislation earlier this month (InvestmentNews, July 23). So far, 27 Republicans and eight Democrats have signed on as co-sponsors.

CFO is departing at AmEx Advisors

American Express Financial Advisors, the financial planning arm of American Express Co., confirmed reports Friday that Stuart Sedlacek, its chief financial officer, will step down from his post Aug. 13 and will leave the company at the end of the year.

Walter Berman, a former American Express treasurer who recently returned to the company to help it navigate through massive junk bond losses, will temporarily assume Mr. Sedlacek’s duties. Pete Anderson, the chief investment officer for the Minneapolis-based investment group, retired in May.

The company says it is looking for a “risk specialist,” a newly created position. “We expect to fill the position as soon a possible,” says a spokesman.

Dip shown in week by money funds

Total money market mutual fund assets stood at $2.111 trillion for the week ended Wednesday, the Investment Company Institute said Friday.

Fund assets decreased by $14.53 billion from $2.125 trillion for the week ended July 18.

Assets of retail money market funds decreased by $181.4 million to $1.08 trillion. Taxable money market fund assets in the retail category increased by $698.8 million to $893.66 billion.