Competition in the mutual fund industry: evidence and implications for policy.

From: The Journal of Corporation Law | Date: September 22, 2007| Author: Coates, John C., IV; Hubbard, R. Glenn | Copyright information

Since 1960, the mutual fund industry has grown from 160 funds and $18 billion in assets under management to over 8000 funds with $10.4 trillion in assets. Yet critics--including Yale Chief Investment Officer David Swensen, Vanguard founder Jack Bogle, and New York Governor Eliot Spitzer--call for more fund regulation, claiming that competition has not protected investors from excessive fees. Starting in 2003, the number of class action suits against fund advisers increased sharply, ...

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