WASHINGTON -- Facing the specter of a new and more intrusive regulatory environment, the asset management industry needs to present a unified front and better educate regulators about how the sector really operates in an effort to stave off bank-like oversight, top fund executives are urging.

"As an industry, we must embrace our role as stewards, and work with regulators to protect the interests of investors," Vanguard Chairman and CEO Bill McNabb said at the Investment Company Institute's recent general membership meeting. "But if we become complacent, if we fail to act in the interest of our investors, if we become divided an as an industry, then our regulatory framework could change significantly, and investors could suffer."

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