Boston Fund Manager Bigs Hit With $500B in Asset Declines

Fund giants headquartered in Boston, still one of the biggest capitals for mutual fund companies in the nation, have taken a particularly hard hit, Boston Business Journal reports, losing an estimated $500 billion over the past year.

Fidelity has taken the biggest hit, losing 43%, or $361 billion in assets, going from $849.8 billion in February 2007 to $487.9 billion a year later.

Likewise, Bank of America’s Columbia Asset Management lost 43% of assets, ending at $71.6 billion. Percentage-wise, GMO LLC lost the greatest amount, 45%, ending at $38.2 billion.

IXIS Asset Management’s assets fell 18% to $37.7 billion, State Street Global Advisors’ assets fell 6% to $137.7 billion, MFS Investment Management’s assets fell 38% to $4.5 billion, and Eaton Vance’s assets declined 21% to $36.8 billion.