Mutual fund companies have turned over a new leaf in the wake of the scandals that hit the industry in the fall of 2003. Since last October, the S&P 500 Asset Management and Custody Banks Index has seen a 12% price gain, compared to the 5% increase in the S&P 500, Forbes reports.

Among the fund companies either named or subpoenaed by government agencies, Alliance Capital Management Holding LP has emerged stronger. The company, which experienced a major management revival, has cut its fees by 20%, Rachel Barnard, a senior analyst at Morningstar, told Forbes.

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