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Friday, June 25, 2004

Execs Stand Up to Compensation Disclosure

by: Theresa Sim

Some fund firms are calling mercy. Executives spoke out against requiring portfolio manager compensation at a Morningstar conference, Reuters reported on Friday.

Robert Pozen, chairman of MFS and Charles Haldeman, chief executive of Putnam Investments, both warned of the negative consequences of required disclosure.

Voicing a common belief, Haldeman said "[t]alented investment people are going to say there has to be an easier way and move to the private world...hedge funds."

In addition, managers may perceive compensation disclosure as "harassment," said Pozen.

Pozen also complained that mutual funds seem feel like "the only bear in captivity," Reuters reported. 

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