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Friday, October 04, 2002

MFS Whets the Axe

by: Sean Hanna, Editor in Chief

MFS Investment Management may be the next fund firm to cut staff, according to a Reuters report. If so, it would be the fourth firm this week.

The report quotes an MFS spokesperson as explaining that the Boston-based firm is looking at many ways to cut costs and that some reduction in headcount may be one way. The Sun Life of Canada unit employs 2,679 workers.

Any cuts would take place outside of the firm's ranks of investment professionals.

Assets under management at the firm have slipped 16 percent to $115 billion from $138 billion at the end of June, according to news reports. The spokesperson told Reuters that flows into the fund remain positive and that the fall in assets in a result of depreciation.

This week started with Fidelity announcing that it would cut 5.4 percent of its staff. San Diego-based Nicholas-Applegate also announced layoffs yesterday. American Century and State Street have also cut staff in the past this Fall.  

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