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

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

The moves come as bond funds are having a hard time bringing in money.
Author:
Publish date:

At a time when bond mutual funds

aren't getting much love (or money) from investors,

(FTIFX)

Invesco Tax-Free Bond and

(MFBFX) - Get Report

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.