Managed accounts, a hot new area of financial services, are feared to be stealing money from mutual funds. In response, many fund companies have begun offering managed accounts, mostly through the Big Five wirehouses, in addition to their fund lineups. Now one annuity developer is seeking to leverage this product wave.
MFS Investment Management is in the preliminary development stages of an annuity based on managed accounts. The effort stems from the firm's attempt to innovate in more ways than simply coming up with new policy features and riders.