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Friday, November 19, 2010

Fundsters Voice their Views on the SEC's Proposal

News summary by MFWire's editors

Fundsters are frowning upon the SEC's proposal to limit continuing sales charges and allow brokers establish their upfront charges, Wall Street Journal reports.

"There's an economic equilibrium that's been in the marketplace, and government isn't going to be able to change that by fiat," Paul Stevens, chief executive of the Investment Company Institute, told the WSJ.

Barbara Novick, vice chairman of BlackRock Inc. [see profile] , posed the question: "Is government supposed to put price controls on mutual funds?" "I don't think so; we see a fair number of investors who vote with their feet," she said.

Meanwhile, Morningstar is reportedly calling for fees to be broken out into four areas: management, sales and marketing, advice and administrative overhead.

Laura Lutton, director for editorial research at Morningstar, offered that her company is not trying to stop funds from being paid, but rather is trying to let investors know what they are paying for.  

Edited by: Hung Tran

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