MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, October 10, 2002 MFS Joins Layoff Parade MFS Investments, the oldest mutual fund firm, caught up to the modern era yesterday -- like many of its rival fund firms, MFS has informed employees of a round of layoffs to come. The unit of Sun Life of Canada told employees that it is eliminating 110 positions. It also put the kibosh on bonuses and other spending. The job cut represents 4.1 percent of MFS' 2,700 member workforce and is the largest in the firm's long history. The firm said that it had few options. "We have avoided layoffs to date, but we are obviously looking at a historic downturn here," explained a spokesperson. The stock swoon has pushed MFS asset base down to $123 billion at the end of the second quarter from $137 billion at the start of the year. From its peak amount, the Boston-based firm has seen a quarter of its assets melt away. Along with the job cuts, the firm also said that it will eliminate executive bonuses this year and forbid workers from charging through first class travel expenses. MFS is at least the fourth firm to cut its workforce in the past two weeks. Printed from: MFWire.com/story.asp?s=3679 Copyright 2002, InvestmentWires, Inc. All Rights Reserved |