Anthony Kingsley, named manager of the MFS UK Equity fund, has left the group to set up his own comp...
Anthony Kingsley, named manager of the MFS UK Equity fund, has left the group to set up his own company.
The American group has not yet named a replacement as head of the fund but expects to make an announcement this week.
Although named manager of the fund, Kingsley's role was never seen within the group as a portfolio manager. The fund, which contains 25-30 stocks, is a best UK equity ideas portfolio, with the ideas gathered together from the 50 global analysts employed by MFS. Kingsley fulfilled a role in bringing these ideas together but was, in effect, the first among equals.
The group would not comment on Kingsley's departure other than saying he desired to be a fund manager and, as such, he is setting up a small company of his own with three others, the details of which have yet to be announced.
The MFS fund was launched in December last year and, over the three months to 8 July 2002, is ranked 46 out of 313 in the UK All Companies sector, falling 10.2%, bid-to-bid, compared to the sector average -12.4%.
The fund was designed as an all-weather portfolio able to select both growth and value stocks.
Bought plans in 1988 and 1989
To be added to model portfolio service
Launched 25 September