MFS Investment Management of Boston today announced the firm is cutting 90 jobs, representing about 5% of its work force of about 1800.
“The reduction is in response to the decline over the past 12 months in capital markets that has affected the firm’s assets under management and is part of an overall effort to keep costs in line with revenues,” MFS noted in a statement.
As of Sept. 30, the firm’s assets under management totaled $162 billion, down from $204 billion a year ago.
The cuts are effective immediately, said MFS spokesman John Reilly.
“The jobs are throughout the firm, including a small number of investment people who are not related to any of our core disciplines,” Mr. Reilly said.
“There are some administrative, IT and positions in marketing and communications.”
The last time MFS had layoffs was in 2002 when they laid off about 135 people out of a total work force of 2,700.