Directors have never been more critical to the future of the mutual fund industry as they are today, and it's not just because the directors of firms such as Enron are on the hot seat, attests Arthur Levitt, former chairman of the Securities and Exchange Commission. Fees need to come down, service standards must rise, and a genuine concern for the investor needs to override the business of running and profiting from a fund complex. These are just some of the words of wisdom Levitt offers in his new book, Take on the Street (Pantheon).

Here, Levitt, whose patrician manners belie his Brooklyn upbringing, discusses fund governance in part II of an interview with Financial Planning Executive Editor Richard Koreto, On Wall Street Senior Editor Tony Chapelle and Mutual Fund Market News Editor Lee Barney [see MFMN 9/23/02].

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.