Morgan Stanley Assumes RIM business

After entering the U.S. market as an asset manager nearly 10 years ago, Robeco Investment Management (RIM) is exiting the U.S. fixed income business, citing insufficient scale to provide a platform for growth in that segment of the asset management business. Morgan Stanley Investment Management will take over the $4.8 billion in taxable U.S. fixed income assets currently managed by Robeco Weiss, Peck and Greer. The transaction is expected to close in May, according to a statement from RIM. Robeco also plans to concentrate its fixed-income capabilities in Europe, where it manages a global fixed-income portfolio of more than $60 million. Exiting the U.S. market is the latest tactic in a broader realignment strategy for the company. RIM is in the process of finalizing its exit from the U.S. municipal fixed income business, and it has rolled out a plan to reward key investment professionals with ownership interests in the company.