NEW YORK, April 7 (UPI) -- U.S. bank Morgan Stanley said it will buy risk management company Barra Inc. for $816.4 million in cash, or $41 a share, Crain's New York Business reports.
Morgan Stanley, an investment bank based in New York, plans to merge Barra, based in Berkeley, Calif., with its Morgan Stanley Capital International Inc. division. The division provides equity, fixed-income, and hedge-fund indices, as well as other related products.
MSCI Chief Executive Henry Fernandez said the acquisition would create a company that would help investment managers make better decisions, the Financial Times reported.
Barra has more than 500 employees around the world. It reported $141 million in revenue for 2003, according to the company's Web site.
