Why managers will have to work harder

If the head of one leading United States asset management firm is right, the mutual funds industry will be forced to reduce costs and become more consumer-centric or risk decline.

John Bogle, legendary founder of the Vanguard Group and index fund pioneer, last month warned that fund companies would no longer get away with taking the substantial share of returns they have been used to in the past. They must cut costs or continue to lose investor trust.

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