MIAMI - It’s been best of times and the worst of times for the mutual fund industry, as this past year featured a sharp upturn in the stock market along with a wave of impropriety at the nation’s biggest fund shops and increased regulatory scrutiny. That was the sentiment expressed by Penny Alexander, chairman of the National Investment Company Service Association (NICSA), at its annual conference and expo at the Doral Golf Resort and Spa.

Alexander, SVP of human resources at Franklin Templeton Investments, advised her industry peers that this tumultuous period will ultimately be "good for business" and that the industry will "emerge better and stronger." That set the stage for keynote speaker Paul Roye, director of investment management at the SEC, who outlined a series of proposals to address "gross breaches of fiduciary responsibility." He advised that members of the investment community resist the temptation to look the other way and not treat morally questionable practices with a wink and a nod.

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