Industry Chiefs Strategize to Move Past Scandals

Representatives from the largest members of the $7.4 trillion mutual fund industry gathered this week at the Morningstar conference in Chicago to devise new strategies aimed at putting widespread scandals in the past, Reuters reports.
Morningstar Managing Director Don Phillips, a pivotal figure in the mutual fund research industry, said he believes that investors are at risk of being distracted by reports of mutual fund scandals and subsequently failing to prepare for fundamental challenges, such as rising interest rates.
"There are not obvious hiding places. Money markets and cash are very unattractive. Fixed income doesn't look like much of a refuge," Phillips said.