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As Investors Flee, Rival Mutual Fund Executives Stage Unusual Meeting
[Photo: Seismic Shift - caters news agency]
Pressure is mounting on money managers as investors pull out their money - so much so that a group of highly competitive rivals convened last month in New York to discuss the problem. About 60 mutual fund executives met for the "Seismic Shift Senior Leadership Forum" to discuss ways to stop clients from withdrawing their money. Details of the meeting had not been previously reported.
The primary focus of these mutual funds – which included Oppenheimer Funds, Janus Capital, T. Rowe Price, Franklin Resources, and Affiliated Manager - is the competition they’re getting from index and other so-called passively managed funds. Some forum attendees suggested an aggressive reduction of fees, while others called for better public communication about active funds' benefits.
