Weak long-term performance, inconsistent returns and a greater focus on advisers than on investors at mutual fund companies are prompting wealthy investors to turn elsewhere, The Wall Street Journal reports. Only 11 of 38 top fund families, or less than one-third, have the loyalty of affluent investors, according to a report from Cogent Research.

Cogent based its findings on a survey of 4,000 fund investors with at least $100,000 in investable assets.

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