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How to Crack Down On Mutual-Fund Fees

机译:如何打击共同基金费用

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When New York attorney general Eliot Spitzer settled abusive-trading charges with Alliance Capital Management last month, he insisted that Alliance cut its management fee 20% for five years. Now, Spitzer is warning other scandal-tarred mutual-fund companies that they may have to do the same―and he has chastised the Securities & Exchange Commission for not forcing funds to lower fees, too. After all, the gung ho prosecutor claims, funds have been overcharging investors for years. His proof? An obscure 2001 study in the University of Iowa Journal of Corporation Law. It concludes that investment advisory firms charge mutual funds―which are often their own in-house funds―twice what they charge outside pension funds for stock-picking services. If true, it means mutual-fund shareholders are forking out an extra $10 billion a year.
机译:当纽约总检察长埃利奥特·斯皮策(Eliot Spitzer)上个月与Alliance Capital Management达成和解协议时,他坚持要求Alliance在五年内将管理费降低20%。现在,斯皮策警告其他丑闻缠身的共同基金公司,他们可能也必须这样做。他谴责证券交易委员会也没有强迫基金降低收费。毕竟,贡合检察官声称,多年来,资金一直在向投资者收取高额费用。他的证明? 2001年在爱荷华大学公司法杂志上进行的一项晦涩的研究。结论是,投资咨询公司收取共同基金(通常是他们自己的内部基金),是它们为股票选择服务收取的养老金以外的两倍。如果属实,这意味着共同基金股东每年将额外支出100亿美元。

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