MFS introduces sector rotation fund

MFS Investment Management, whose assets under management hit their highest level ever at $187 billion last quarter, has…

MFS Investment Management, whose assets under management hit their highest level ever at $187 billion last quarter, has introduced the MFS Sector Rotational Fund, the result of its first mutual fund adoption.
The Boston-based investment management firm this year acquired the assets of the fund, formerly known as the Penn Street Sector Rotational Fund. MFS, a unit of Toronto-based insurer Sun Life Financial Inc., then reorganized the fund into the newly created MFS Sector Rotational Fund on Jan. 3.
Managed by G. Michael Mara, Penn Street Sector Rotational was launched initially in August 2000.
The MFS Sector Rotational Fund will be subadvised by Valley Forge Capital Advisors Inc. Mr. Mara, president of Malvern, Pa.-based Valley Forge Capital, will continue as portfolio manager.

Bear Stearns strategist joins ISI Group
Bear Stearns & Co. Inc.’s chief investment strategist, Francois Trahan, has left the company to join ISI Group Inc. as head of portfolio strategy and quantitative research, ISI said Friday.
ISI is a New York-based
broker-dealer and investment research firm.

Fed Governor Susan Bies resigns
Federal Reserve Board Governor Susan Bies submitted her resignation to President Bush on Friday, saying that she plans to spend more time with her family.
Her resignation is effective March 30.
Ms. Bies doesn’t plan to attend the March 20-21 meeting of the Federal Open Market Committee.
She has held the position since 2001 and served as chairman of the committee on supervisory and regulatory affairs and the committee on consumer and community affairs, and as a member of the committee on Federal Reserve Bank affairs.
With Ms. Bies’ departure, Mr. Bush will have a pair of vacant positions to fill on the Fed board.