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Monday, September 20, 2010

Bogle v. Hennessy, Round 2

News summary by MFWire's editors

Vanguard [see profile] founder Jack Bogle isn't happy with some recent public criticism leveled him by a fellow fundster. Last week Neil Hennessy -- chairman, president and CEO of Hennessy Advisors [see profile] -- responded to a recent Wall Street Journal op-ed by Bogle with a piece of his own, defending the mutual fund industry from Bogle's accusations about the cause of fee changes (see The MFWire, 8/27/2010 and 9/14/2010). Bogle countered by giving an interview to InvestmentNews' Jessica Toonkel, claiming that Hennessy "is running an enormously profitable management company with inferior performance in these funds, in part because of the excessive fees he charges."

"It should be he who is without sin who casts the first stone," Bogle told InvestmentNews.

"The bottom line is, he wrote a piece, I wrote a rebuttal, and that's the end of the dialogue," Hennessy told the pub. 

Edited by: Neil Anderson, Managing Editor


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