Teaching in the Fiji Islands was a life-altering altering experience, says Jeff Shames. It influenced his management philosophy and helped shape the corporate values he lives by today.
Jeff Shames, SM '83, is feeling right at home. As chairman and CEO of MFS Investment Management Services, Shames helms the oldest mutual fund company in the United States. Prior to this key role on the global financial stage, home was as a student at the MIT Sloan School of Management. Before Sloan, it was at the head of a classroom in the Fiji Islands. Essentially, for Shames, "home is where the fun is." And home is maintaining vibrant connections to the places that have brought him to where he is today.
Shaping values
At MFS, Shames oversees $163.7 billion in assets for more than five million individual and institutional mutual fund and annuity investors worldwide. While he readily acknowledges that his job can at times "be a bit of an emotional roller coaster," he quickly adds, "It's also a lot of fun."
It's this ingredient that makes Shames as comfortable in his role as chairman and CEO as he was as a teacher in the South Pacific while a member of the Peace Corps. Teaching in the Fiji Islands was a life-altering altering experience, says Shames. It influenced his management philosophy and helped shape the corporate values he lives by today.
"It was a blast," Shames says of his year-long teaching stint in the Peace Corps. "I wouldn't trade the experience for anything. Every day was different and exciting. That's when I decided that whatever I did for work, it had to have the same element of fun and excitement."
A post-Peace Corps job as an analyst with the U.S. Department of Agriculture confirmed Shames' desire to find a job that wasn't tedious. That desire motivated him to return to school. Drawn by the School's unique philosophy, he chose MIT Sloan. "Sloan was then a budding business school in terms of other institutions, but it had a different approach to technology and innovative thinking. I liked that," observes Shames.
Diversity and collaboration
Buoyed with renewed enthusiasm, Shames completed his studies at Sloan and then found his way to MFS. He thrived there and quickly sprinted to the top, becoming a vice president in 1986. In 1998, he was named chairman and CEO, becoming one of the youngest CEOs ever appointed at MFS or at any comparably sized financial services organization.
Shames was drawn to MFS because of its diversity and collaborative nature—the same things that resonated with him from his days at Sloan. "I was drawn to Sloan because it was bright and different," explains Shames. "What I enjoy about MFS is that same brightness and uniqueness. Like Sloan, we have a diverse culture with many different perspectives. We merge these different viewpoints to make great things happen. It's one of the reasons our clients like working with us. While we're outwardly competitive, our internal collaboration makes the environment here very dynamic."
Strong parallels
Shames sees other similarities between Sloan and MFS. "They are both established and distinguished institutions in their respective fields, yet are known for their innovative approaches to management and 'thinking outside the box,' " he notes. "MFS invented the mutual fund in 1924—a pioneering but unheard-of investment concept until that time—and has continued to break new ground ever since."
Shames also identifies with Sloan's diverse student population. "Our distinctive employee pool at MFS reminds me of Sloan," he explains. "Diversity adds richness to the fabric of the culture and makes collaboration much more creative." Shames actively supports minority fellowships and community service grants at Sloan.
An easy choice
As one of the leading contributors to Sloan over the past 10 years, Shames supports the School for these reasons and others, including what makes sense from a business perspective. "As a business leader, I am intrigued by changes in technology and approaches that impact my industry," he says. "It's an easy choice to do good when it also makes sense businesswise. Philanthropy has many meanings to different people. For me, it's very simple. I like to hear about business and finance, and I enjoy being able to show support for the people and organizations that have contributed to my success. Giving is an expression of gratitude, but it is only part of the reason I like to support Sloan."
In terms of a vision for Sloan, Shames is content to leave it to others. "My feeling is that by supporting the organization's initiatives, you enable others—namely the experts—to do the strategic work of setting the course for the future and defining the mission," he says. "It's enough for me to contribute on one level without participating on the other. It is invigorating to stay connected to a vibrant source of content and energy that is Sloan. In many ways, I feel right at home. It's nice to keep the connection and the contacts there."
By Carol Savage