For a fund firm already on the decline, the recent fraud charges brought against Invesco are reason to pull out of its mutual funds, Morningstar analyst Dan Culloton wrote Tuesday.

Citing managerial shakeups, rising costs and foundering performance, Culloton scathingly said that "the complex doesn't deserve investors' money." He does caution investors to check out tax and commission costs that may arise before pulling their money out.

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