NEW YORK - The mutual fund industry has "lost its way" by caring more about boosting assets under management to raise fees, and therefore profits, for the investment adviser, instead of focusing on long-term performance in the best interest of shareholders, said John Bogle, founder and former senior chairman of the Vanguard Group of Malvern, Pa. Bogle is now president of the Bogle Financial Markets Research Center, also of Malvern.

Bogle made his characteristically forthright remarks at a meeting on the Investment Company Act sponsored by the Practising Law Institute here last week.

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