CHICAGO--During a star-studded Morningstar investment conference panel, investor advocate Mercer Bullard called for a complete overhaul of the way fund companies conduct business, while Bob Pozen and Ed Haldeman warned of the unintended consequences of overzealous regulation.

During the session, entitled "Reforming the Fund Industry," Bullard, the founder of Fund Democracy, called for an overhaul of the relationship between the product and distribution sides of the fund business. Meanwhile Pozen, MFS' non-executive chairman, and Haldeman, Putnam's chief executive, complained that too much in-depth disclosure of portfolio manager compensation and personal investment information could create a brain drain in the industry and give other competing investment products an unfair advantage.

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