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Rating:MFS Sees Inflows During Q2 Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 6, 2009

MFS Sees Inflows During Q2

Reported by Sean Hanna, Editor in Chief

Strong performance drove positive net flows at MFS Investment Management during the second quarter. SunLife, the fund manager's Canadian parent company, reported that net flows at MFS were $4.9 billion during the second quarter. That figure includes $1.2 billion of retail net inflows.

Rob Manning
MFS' total AUM rose by $13 billion to $147 billion from year end to June 30. The six-month change was driven by asset appreciation of $7.2 billion and net inflows of $5.1 billion.

Top executives at the insurer pointed to strong performance as one reason for the flows. Some 92 percent of retail MFS fund assets ranked in the top half of their respective Lipper categories based on three-year performance, according to the executives.

The flows helped MFS earn net income of $27 million in the second quarter of 2009 compared to earnings of C$28 million in the first quarter of 2009. That figure remains below the pre-market correction earnings of $56 million MFS earned in the second quarter of 2008.

MFS' earnings were also helped by the appreciation of the Canadian dollar against the U.S. dollar. That shift provided C$4 million in earnings the second quarter of 2009 compared to the second quarter of 2008.

In U.S. dollars, second quarter earnings were 27 million compared to $55 million in the second quarter of 2008.

Six-month earnings were $50 million compared to $114 million in the same period last year.  

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