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Rating:MFS Brings a Sub-Advisor PM In-House Not Rated 1.0 Email Routing List Email & Route  Print Print
Monday, April 25, 2011

MFS Brings a Sub-Advisor PM In-House

Reported by Neil Anderson, Managing Editor

MFS Investment Management [see profile] is dropping a sub-advisor from one of its mutual funds, yet a PM from that sub-advisor will join MFS to continue managing his portion of the fund. Today the Boston-based Sun Life subsidiary revealed that Richard Gable will join MFS from Sun Capital Advisers (a fellow Sun Life subsidiary) on Saturday, continuing to PM the real estate portion of the MFS Diversified Income Fund even as MFS drops Sun Capital as a sub-adviser to the fund [see filing].

MFS spokesman John Reilly confirmed that Sun Capital does not sub-advise any other MFS funds.

"We believe our fund shareholders will benefit from this addition to our global investment platform and further integration of the firm's global real estate sector coverage into our team of traders, analysts and portfolio managers," Reilly told The MFWire in an e-mailed statement.

Gable had served as a managing director at Sun Capital. Sun Capital senior managing directors Thomas Pedulla and Leo Saraceno also had served as PMs to the fund, alongside MFS' own John Addeo, David Cole, Matthew Ryan, Jonathan Sage, Geoffrey Schechter and James Swanson [see prospectus].

The switch coincides with the departure of John Addeo, scheduled for Sunday [see filing]. William Adams, also of MFS, will succeed Addeo as high yield debt securities PM for the fund.

The MFS Diversified Income Fund holds about $455.7 million as of April 2011. 

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