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Morgan Stanley Scoops Up Two Value-Stock Asset Managers

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The John Mack led rebuilding of Morgan Stanley continues. Last week it made significant moves to rebuild its financial institutions group, hiring a pair of bankers away from Credit Suisse and one from Merrill. Today comes the announcement that it has hired two asset managers from New York Life—Kathy O'Connor and Jeff Sanders—to bolster its asset management business. The pair managed around $3 billion in assets for New York Life, and previously worked together at Towneley Capital Management.