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Morgan Stanley Hires Value Investor Team

Markets | WALL ST. ROUNDUP

August 15, 2006|From Bloomberg News

Morgan Stanley hired money managers Kathy O'Connor and Jeff Sanders from New York Life Insurance Co. to expand its mutual fund unit.

The pair managed more than $3 billion in stocks at New York Life for institutional clients and rich individuals through funds that invested in companies of all sizes, according to an internal Morgan Stanley memo obtained by Bloomberg News.

O'Connor, 46, and Sanders, 52, have picked stocks together since 1988 using a value approach, which seeks shares that are inexpensive when measured against the company's earnings, the cash it holds and the property it owns.

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