MFS will cut 90 positions in Massachusetts

MFS Investment Management of Boston said today it will eliminate 90 positions in Massachusetts, or 5 percent of its staff, the latest asset manager to cut jobs as market declines cut into its revenue.

A spokesman for MFS, a unit of Canada's SunLife Financial, said all the layoffs will occur among employees who work at offices in Boston and Quincy, who together now account for about 1,600 of its 1,800 jobs worldwide.

The cuts make MFS the third major Boston investment firm to eliminate jobs recently along with Fideltiy Investments and Putnam Investments.

All face revenue declines as falling stock markets cut into the value of their assetes under management and in turn the fees they can charge.

MFS managed $162 billion in assets as of the end of September, down from $204 billion a year earlier.

The company said in a statement, "The action positions MFS to weather the current market downturn, to continue to invest in business opportunities to serve the firm’s clients, and to emerge in the eventual economic recovery as a strong and competitive company."
(By Ross Kerber, Globe staff)