As the mutual fund industry faces potentially huge changes to the way it does business, BlackRock is pressing the Securities and Exchange Commission to take measured steps to ensure that smaller investors do not get shut out of whatever marketplace emerges from the new policies.

“Investor choice has been at the heart of the mutual fund industry since its earliest days,” BlackRock Vice Chairman Barbara Novick said in a letter to the SEC on Monday. “Proposed changes will reduce product choice, especially for smaller investors and smaller defined contribution plans. Equally important is investor choice when it comes to investment advice and services, and how to pay for each.”

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