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Boston firm MFS unifies funds to boost UK sales

MFS Investment Management plans to attract UK multi-managers to its unified fund range by offering competitive total expense ratios on institutional share classes.

The Boston-based company is increasing the range of funds available to UK investors by merging its Cayman Islands and UK-domiciled fund ranges into its Luxemburg Sicav.

The merger is expected to take place in September , subject to regulatory approval. It will create a single range of 28 Ucits 3-compliant funds under the MFS Meridian Funds’ umbrella. The range will include 17 sterling-denominated funds which will qualify for UK distributor status. Details of the institutional TERs are not yet available.

Through the merger, the group is able to expand its UK offering across a range of asset classes without launching new funds or making acquisitions. ]

The group entered the UK market with three equity funds in 2001, but admits the timing was not good. Bond funds were then in demand, but MFS did not have an off- ering in that asset class. It will now have three Euro- pean fixed-income funds, five US fixed-income funds andthree global fixed-income funds to sit alongside six European equity funds, five US equity funds and six glo- bal equity funds.

The new range will be domiciled in Luxemburg rather than the UK because MFS wants to have a single fund range that can be sold across pan-European and global markets. As the new funds will be clones of existing funds, their track records will be transferred, providing regulatory approval is received.

MFS managing director Mark Rogers says: “We feel we will have the fund range, the size and the pricing range to allow us to be involved in funds of funds


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