Buy-Side MBS Chief Departs
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Richard Smith has left MFS Investment Management where he was head of mortgage-backed securities. Smith was unavailable to comment. He departed two weeks ago, says company spokesman John Reilly, and his portfolio management duties have been assumed by the company's fixed-income investment policy committee. He declined to give a reason as to why Smith departed, nor what Smith's future plans may be. Smith joined the fund manager in 1993, after spending seven years at Salomon Brothers.
Smith oversaw all the company's MBS activity, which amounted to approximately $1 billion spread across several government bond and MBS mutual funds, says Reilly. Several Street sales pros argue that MFS' total MBS under management was closer to $3-5 billion, including separately managed accounts.