The Coalition of Mutual Fund Investors
is calling for regulatory action to shield investors from
what they describe as "unnecessary costs" stemming
from broker practices, Dow Jones'
Daisy Maxey reports
According to the Washington, D.C.-based group, several practices employed by big broker-dealers related to the use of omnibus accounts have resulted in hidden costs on mutual fund investors.
The group estimates that such practices impose costs each year of as much as $2.2 billion in account maintenance charges, north of $4.18 billion in shareholder servicing payments and more than $2.09 billion in revenue sharing.
, the main lobby group for Wall Streeters, had no immediate comment to Dow Jones.
Armie Margaret Lee
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