Fund manager
The Boston-based firm noted that a robust $2.2 billion of net inflows from institutional clients and structured income products more than offset net outflows in retail funds and annuities. Assets under management finished the year at $146 billion, up $7 billion from the end of September 2004, and a $6 billion improvement from a year ago, the company said.
Last January, MFS agreed to a $225 million settlement with regulators for allowing preferred customers to market time its funds in a scheme that harmed long-term fund shareholders. In light of the transgressions, MFS replaced upper management and instituted a series of reforms that included eliminating soft dollars and enhancing fee disclosure.
In 2004, under the leadership of new Chief Executive Robert Manning, MFS funds, on average, had higher returns than 70% of their peers, up from 47% over the past five years, according to a