Financial services giant Morgan Stanley the nation’s No. 2 securities firm, will liquidate 17 of its proprietary funds as part of a larger effort to overhaul its investment management arm.

Members of the board of trustees for seven Morgan Stanley branded mutual funds, six institutional funds and four managed portfolios geared toward high-net-worth investors have approved the decision, the company said in a release.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.