Despite recent criticism that not only the mutual fund industry but
"We are definitely not in denial. This is a real issue," Vice Chairman Jim Riepe of
The ICIs declaration is in stark contrast to many in the industry, including Don Phillips, managing director of
"ICIs policies created the environment in which some of the things that happened recently happened," Phillips told Reuters. "This is an industry that has lost its way and is no longer exercising its duties to investors." He added that contrary to Riepes contention, the ICI is "in denial."
Chief on Phillips list was the ICIs fight earlier this year against demands that information regarding how officials voted on proxies be disclosed by mutual fund companies.
Lou Harvey, president of the research firm