Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

MFS Workers Fear Massive Layoffs Following Sale

Workers at MFS Investment Management fear their jobs could be at risk once parent Sun Life Financial sells the company, the Boston Herald reports.

Certainly, Rachel Barnard, an analyst with Morningstar, believes the possibility is very real. "I would say we're looking at several hundred [job cuts] at least," she said, adding she is "99.9%" sure layoffs will happen, most likely in Boston. Approximately 2,100 of MFS' 2,400 total workforce are located in Boston.

The company has been struggling with outflows and high costs in recent years. Since 2003, only 17 of the company's 66 mutual funds have had net inflows, and of the 2,100 employed in Boston, only 160 are analysts or portfolio managers.