Washington, D.C. - The SEC should consider regulating products like separate accounts and hedge funds under the Investment Company Act of 1940 because they are increasingly available to the average investor who perceives them as a type of mutual fund, according to industry leaders.

Pre-packaged portfolios and wrap accounts are currently unregulated by the Investment Company Act and are growing in popularity, said Jack Brennan, CEO and president of Vanguard Group of Malvern, Pa.

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