Funds with an independent chairman at the helm of the board don’t necessarily have lower fees or better performance, fund consultants Geoffrey Bobroff and Thomas Mack tell The Wall Street Journal, in a letter to the editor refuting recent criticism from Vanguard founder John Bogle.

Bobroff and Mack said they came to their conclusion through an independent study, commissioned by Fidelity Investments. The study looked at all retail-oriented fund complexes with $10 billion or more in assets, determining fund complexes with independent chairman through SEC filings.

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