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Article: Spitzer, others fault mutual fund moves.(Mutual Funds)
- Article from:
- Financial Executive
- Article date:
- March 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Financial Executives Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Over the past few decades, the mutual fund industry has changed enormously, and not for the better, argued a panel of expert observers in a recent forum. A common observation: marketing has overwhelmed fiduciary stewardship, and the biggest fund families are the ones most guilty of pushing the marketing envelope.
With those changes have come an apparent laxity on the part of fund management company boards, which rarely exert any authority, said Michael F. Price, the noted fund manager who is now Managing Director of MFP Investors LLC. "Management contracts don't get canceled," he told the audience at "Funds Under Fire," a January forum sponsored by Kroll Inc. in ...