continued from page 1 The US Growth fund, managed by Irfan Alli, is a clone of the US Strateg...
continued from page 1
The US Growth fund, managed by Irfan Alli, is a clone of the US Strategic Growth fund and focuses on mid and large cap-stocks. It is benchmarked against the S&P 500.
In the UK version, MFS is aiming for a return profile closer to the Russell 1000, albeit with a lower overall P/E.
Coxshall said MFS hoped to be able to launch with track records and Standard & Poor's ratings and that it would distribute entirely through intermediary, private banking and fund of funds channels. It would not have a direct operation, he added.
A website dedicated to the UK is currently being developed in anticipation of the December launch and the group expects to make the announcement of the recruitment of a high profile intermediary salesman in the near future.
MFS, which was established in 1924, setting up the first ever open-ended mutual fund in the US, is one of the largest groups in North America. It is ranked fifth, with around $150bn under management.
The other groups in the top six are Fidelity and Vanguard, which occupy the first and second positions, as well as Putnam, Janus and Alliance Capital Management.
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