Morgan Stanley will merge three of its stock funds into other funds, Reuters reports.
The Morgan Stanley Equity fund which has lost an average of 3.9% over the past five years and ranked in the bottom decile of its category last year will become part of the Dividend Growth Fund. Morgan Stanley New Discoveries fund, which declined an average of 31% over the past two years, and the Morgan Stanley Next Generation fund, which fell an average 21% over the past three years, will both become part of the Developing Growth fund.
- Morgan Stanley eliminated fourth growth funds earlier this year, also by merging them. The firm launched several of these growth funds just before the market turned bear in March 2000, Reuters reports.