After New York City's near-default in 1975, investors flocked to Van Kampen's insured unit investment trusts.
By 1983, the company now known as Van Kampen Merritt, Inc. had sold nearly $7 billion of trusts and was the nation's third-largest firm in that arena.
However, after eight years, in 1992 Xerox decided to shed all its financial-services units starting with Van Kampen.
However the investment firm Clayton, Dubilier & Rice made a better offer and bought 80% of Van Kampen from Xerox for approx $360 million.
[5] In 1996 Morgan Stanley bought Van Kampen American Capital Inc from Clayton for $745 million to help it build its money management business.