Mutual funds

Founder Nancy Davis says her recently converted long-only product reflects the direction of travel for the broader asset management industry.

The top 20 more than doubled the gains of their fixed-income industry peers.

SEC cases that go beyond faulting firms for their failure to disclose conflicts of interest have drawn pushback from the industry.

The bank allegedly made “hundreds of millions of dollars” by investing client assets in underperforming proprietary and affiliated funds without disclosing conflicts to clients.

The biggest losses this year came from sectors that suffered the most in lockdown.

The allegations involving 12b-1 fees, cash sweeps and commissions also include violations of best execution rules.

The fund has absorbed $15.6 billion so far in 2020.

With an average gain of more than 108%, the lineup includes actively managed leaders with fees well above 100 basis points.

Despite a rocky year, these 20 funds recorded an average return of 13.6%.

Net flows have slowed in 2020 at the fund giant as rivals continue to roll out similar products amid the rise of robo advisors and almost-free trading.