Morgan Stanley Buys Van Kampen to Build Fund Roster

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Byline: David Roeder Daily Herald Business Writer

Morgan Stanley Group Inc., investment banker to the rich and powerful, on Monday aimed for a bigger cut of Americans' mutual fund portfolios.

The company, the nation's fifth-largest securities firm, said it is buying the parent of Van Kampen American Capital Inc., based in Oakbrook Terrace, for at least $745 million in cash and preferred stock.

"All of a sudden Morgan Stanley is a force in the $3.1 trillion mutual fund business," said Richard Chimberg, editor of Investment Management Weekly, an industry publication.

The sale makes Morgan Stanley the second-largest Wall Street firm in the mutual …