Combining different business cultures is often cited as a problem in merging a money manager with another financial institution. But other issues - such as what the companies want to get from the merger and how to compensate employees - are equally nettlesome.

At International Business Communications' investment management mergers and acquisitions conference in New York last week, officials from Morgan Stanley & Co. and Miller, Anderson & Sherrerd talked about the issues they grappled with when Morgan acquired Miller last year.

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