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Friday, September 04, 2009|
The ICI Rallies to Defend Harris and Fund Fees
For those following the Oakmark Funds excessive fee lawsuit, the Investment Company Institute just threw in its two cents at the highest level. On Thursday the mutual trade group filed a brief with the Supreme Court about the case. Not surprisingly, the ICI asked the Supreme Court to avoid opening the door to more fights over fees.
"The mutual fund industry is virtually a textbook case of a competitive market, with many firms vying for cost-conscious investors," the ICI's attorney argue in the brief. "The industry has flourished over the past four decades because it has met these competitive challenges by providing investors with more investment choices and more services, all with declining costs."
The Independent Directors Council and the U.S. Chamber of Commerce also weighed in on Harris' side with their own briefs.
In the Friday Wall Street Journal Fund Track column, Sam Mamudi reports that the Oakmark Funds' advisor, Harris Associates, recently filed its own brief with the high court, along similar lines to the ICI's.
Morningstar fund analyst Ryan Leggio also weighed in for the WSJ article, urging fund firms to "break out the management fees" for investors to see.
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