Fund Openings, Closings, Manager Moves: Invesco, MFS Shuffle Management at Bond Funds

At a time when bond mutual funds aren't getting much love (or money) from investors, (FTIFX)Invesco Tax-Free Bond and (MFBFX)MFS Bond funds are shuffling their respective management ranks.

On the no-load Invesco fund, Richard Berry and Stephen D. Turman have replaced Jerry Paul, according to a Securities and Exchange Commission filing Wednesday. Paul, who heads Invesco's fixed-income team, had taken the helm briefly from Dawn Daggy-Mangerson in January. Berry and Turman are both fund managers at AIM Funds, which, along with Invesco, is owned by AMVESCAP (AVZ).

The pair have generally solid records, but not on the broker-sold (AHMAX)AIM High Income Municipal Bond, which falls under the same category as the Invesco Tax-Free Bond. The AIM fund, which started in 1998, is down 7.4% over the past year, trailing 99% of its peers, according to Morningstar.

On the broker-sold MFS Bond fund, William Adams will join Geoffrey Kurinsky at the helm on July 1, according to a regulatory filing. Kurinsky has run the fund since 1989, usually matching the average long-term bond fund's performance, according to Morningstar.

See Tuesday's Fund Openings, Closings, Manager Moves.

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