Two of Morgan Stanley’s big name money managers, Arden Armstrong and Gary Schlarbaum, are leaving the firm, according to a Morgan Stanley spokesman. Both managers served with Miller, Anderson & Sherrard, which was acquired by Morgan Stanley in 1996.

Armstrong is leaving to create her own investment firm and Schlarbaum is planning to start a hedge fund with his son, according to published reports. While Armstrong will depart soon, Schlarbaum has not yet indicated when he will leave, the Morgan Stanley spokesman said. Neither of the managers were available for comment before press time.

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