Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:MFS Sale Talk Heats Up Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 12, 2006

MFS Sale Talk Heats Up

by: Sean Hanna, Editor in Chief

Talk about who is in the bidding for SunLife's MFS fund arm is growing too loud to ignore. This week published reports placed Pittsburgh's Mellon Financial in the lead for the Boston-based fund manager and added the name of another possible suitor to the mix. The initial report of a possible Mellon bid came on Tuesday in the Pittsburgh Post-Gazette. The television network CNBC followed with a report that Mellon had bid roughly $3 billion and was hoping for the deal to be finished in the next few weeks.

A later Bloomberg report added Wachovia's name to the mix as another interested bidder. Fund industry sources have also told the 401kWire that BlackRock, Ameriprise and T. Rowe Price had also made runs at the firm, while published reports have also tied Franklin Resources to the bidding. However, the word additional sources have since said that T. Rowe Price dropped from the auction after the news of the sale broke last month.

The 401kWire published the first story on a possible sale of the firm at the end of July and later broke the news that Ameriprise and T. Rowe Price were in talks with MFS on September 11. SunLife confirmed that it was shopping MFS on September 14. None of the firm's reportedly involved in the talks will comment on the rumors sweeping the industry. However, T. Rowe Price officials stated on September 14 that the fund firm is not in any talks with MFS.

Word that Mellon is the top bidder conforms to industry chatter that has been making the rounds of former-MFS employees since early last week. According to those sources, Mellon is hoping to have a deal in place and to inform MFS employees by November 3. However, the sources providing the information do not have first-hand knowledge of the talks and are passing along what they heard.

Both the CNBC and Bloomberg reports do not identify sources and the Bloomberg story is based on one source "familiar with the situation."

One major issue in the negotiations, according to sources with knowledge of the negotiations, is how much of a stake SunLife would retain in the firm after a deal is completed. All of the bidders a publicly-owned companies and want to minimize the stake retained by SunLife.

Meanwhile, for 401(k) partners the deal will likely only have a minimal impact; SunLife purchased the MFS Retirement business from MFS earlier this year and has since placed its own management at the head of the plan recordkeeper and administrator. That unit will not be a part of any MFS sale and will remain a part of SunLife. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2022: Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly


  1. 2022 ICI Leadership Summit, May 25-26
  2. ALFI Roadshow to New York, May 25
  3. 2022 IDC Fund Directors Workshop, May 26
  4. Irish Funds Annual Global Funds Conference 2022, May 30-31
  5. WealthManagement Edge, May 31 - June 3
  6. MFDF 2022 Fund Governance and Regulatory Insights Conference, Jun 8-9
  7. 28th annual Expect Miracles East Coast Classic, June 9
  8. 2022 Sohn Investment Conference, June 9
  9. IDC webinar - Cybersecurity for Fund Boards: The Current Landscape, June 9
  10. MMI webinar - Driving Business Value with Artificial Intelligence & Data, June 15
  11. MFDF webinar - Key Takeaways From Morningstar's 2021 Annual Fund Fee Study, June 16
  12. MFDF Director Discussion Series - Open Forum (Chicago), June 21
  13. 2022 MMI Emerging Asset Managers Forum, June 23
  14. MFDF In Focus: Capitol Hill, A Conversation with Congressman Bryan Steil, June 28
  15. Financial Planning INVEST, Jun 28-29
  16. MFDF webinar - Differentiating Mutual-Fund-to-ETF Conversions, July 19
  17. MFDF Director Discussion Series - Open Forum (New York), July 20
  18. 2022 MMI Distribution Leadership Forum, Jul 20-21
  19. MFDF webinar - Fund Boards' Oversight of Investment Performance, July 28
  20. MFDF webinar - Performance, Perception and Manager Selection, September 14
  21. 2022 ICI Tax and Accounting Conference, Sep 18-21
  22. 5th annual Expect Miracles Atlantic Coast Classic, October 3
  23. Nicsa Fearless Leadership Symposium, Oct 6-7
  24. 2022 MMI Annual Conference, Oct 19-21
  25. 2022 IDC Fund Directors Conference, Oct 24-26
  26. 18th annual Expect Miracles Wine & Spirits Event, October 27




©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use