The public mutual fund fees debate between Vanguard
] founder Jack Bogle
and Hennessy Advisors
] chief Neil Hennessy
continues, now with Bogle's son entering the fray. John C. Bogle Jr.
a letter to the editor of the Wall Street Journal
, attacking Hennessy over Hennessy Advisor's recent rise in earnings (compared to smaller rises in assets under management and revenue), use of fund supermarkets and fund fees.
The Bogle-Hennessy feud started up last week, when Hennessy responded to an op-ed on fund fees by Bogle Sr. in the WSJ (see The MFWire
). Hennessy noted that most rising costs affiliated with mutual funds are beyond the direct control of funds' advisors. Bogle Sr. retaliated in an interview with InvestmentNews
, accusing Hennessy of "running an enormously profitable management company with inferior performance ... in part because of the excessive fees," (see The MFWire, 9/20/2010
Bogle Jr. is a fundster in his own right. He launched Bogle Investment Management
] 11 years ago, which offers a single mutual fund, the Bogle Small-Cap Growth Fund
Neil Anderson, Managing Editor
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