WASHINGTON – The fees imposed by pension funds and mutual funds are virtually identical once the two entities are compared as "apples and apples" through sub-accounts, an Investment Company Institute economist concluded via a conference call Tuesday.

When administrative fees of mutual funds and public pension plans are broken down into "investment advisory fees," the costs are actually less for mutual funds with small and medium investment portfolios and just a shade higher when comparing the pensions to funds with large investment portfolios.

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