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Thursday, August 19, 2010

A Mutual Fund Investor Group Frowns Upon B-D Practices

News summary by MFWire's editors

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.

SIFMA, the main lobby group for Wall Streeters, had no immediate comment to Dow Jones. 

Edited by: Armie Margaret Lee

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