BCHICAGO - The recent spate of acquisitions and buyouts in the fund industry are indicative of the profitability of the industry, said industry executives and analysts.

The trend is also proof that fund companies have lost touch with their essential purpose of acting as fiduciaries and are more interested in generating profits for themselves then serving shareholders, said John Bogle, former CEO and founder of the Vanguard Group of Malvern, Pa.

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