MIAMI- Jack Brennan, chairman and chief executive of the Vanguard Group, blasted rival investment products such as hedge funds and separately managed accounts last Monday and defended the mutual fund industry against mounting criticism.

Speaking at the National Investment Company Service Association's annual meeting here, Brennan also outlined a number of critical success factors for mutual funds. First and foremost, he stressed maintaining client trust. He urged colleagues to define success by how their clients fared, rather than measuring cash flows or total assets under management, saying that firms must stand for something in the marketplace, not least of which is brand certainty.

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