Morgan Stanley to acquire firm
Wall Street firm Morgan Stanley Group Inc. said yesterday it agreed to acquire investment management firm Miller Anderson & Sherrerd for $350 million.
Morgan Stanley said the two firms will be kept completely separate. Miller Anderson & Sherrerd, which manages $33 billion in assets, will remain located at its offices near Philadelphia and retain its name.
Morgan Stanley, the international securities firm and investment banker, manages $50 billion in its asset management division.
Orthopedists form network
About 50 orthopedic surgeons have formed Orthopedic Network Mid-Atlantic LLC, a Baltimore-area orthopedic specialty network. The network will sell services to managed care companies in an area that includes Baltimore City and Anne Arundel, Baltimore, Carroll, Harford and Howard counties.
Dr. Jerome Reichmister, an orthopedist in Baltimore City, is the managing member for the network.
Mortgage rates unchanged
Thirty-year, fixed-rate mortgages averaged 7.53 percent this week, unchanged from last week, according to a national survey released yesterday by the Federal Home Loan Mortgage Corp.
The rate remained at its lowest since June 8, when the average was 7.51 percent. The average hit a 25-year low of 6.74 percent in October 1993.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.84 percent, also unchanged from last week.
Low bids for BWI terminal
All bids for a 370,000-square-foot international terminal at Baltimore-Washington International Airport came in well under the estimated construction cost of $73.5 million.
Bethesda-based Omni Contracting Inc. is the apparent low bidder at $63.1 million. The Morganti Group of Danbury, Conn., was the second-lowest, at $63.3 million, and Dick Enterprises of Pittsburgh, Pa., was third-lowest, at $63.5 million.
Barring complications over Omni's bid or a protest from one of the other bidders, airport officials expect to award the contract around the end of August.
Kemper will change name
Kemper Securities Inc. said yesterday it will change its name to Capmarc Securities Inc. when the brokerage firm becomes an independent, public company next month.
Kemper Securities' parent, Kemper Corp., said in April that it would divest its brokerage businesses -- Kemper Securities, Kemper Clearing Corp. and Beta Systems.
Capmarc Inc. will be the parent company.