WASHINGTON, D.C.-While the mutual fund industry continued its strong growth in 1999, the Internet has empowered individual investors and unforeseen competitors to challenge the industry's continued strength, said executives at the annual meeting of the Investment Company Institute here last week.

Mutual fund assets grew to $6.8 trillion in 1999, up 24 percent from the year before, said John Brennan, chairman and chief executive officer of The Vanguard Group of Malvern, Pa., and chairman of the ICI board of governors.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.