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Thursday, November 04, 2010

The Sun Shines on MFS

Reported by Armie Margaret Lee

Sun Life Financial-owned MFS Investment Management [see profile] earned $53 million in the third quarter, up 35 percent from $39 million in the year-ago period. Higher average net assets drove the rise.

Strong net sales and an improved performance in financial markets caused average net asests to increase to $195 billion in third quarter of 2010 from $162 billion a year ago, company officials said in an earnings release Thursday.

At the close of September, Boston-based MFS had AUM of $204 billion. This marks the first time since 2007 that MFS ended a month with AUM north of $200 billion.  

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