The Investment Company Institute, the trade association for the $6.8 trillion-dollar fund industry, is little better than lobbyists for the gun, tobacco and alcohol industries, an article in Forbes charges.

Most fund companies pay their ICI dues out of investors fund fees – only to have the ICI lobby against strengthening investor rights, according to Forbes. And even though the ICI purports to represent both fund companies and investors equally, 42 of its 48 directors are industry insiders, and the remaining six are fund independent directors, whose impartiality is questionable.

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.