Now it's Bogle and Bogle Against Hennessy
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Wednesday, September 22, 2010

Now it's Bogle and Bogle Against Hennessy

The public mutual fund fees debate between Vanguard [see profile] founder Jack Bogle and Hennessy Advisors [see profile] chief Neil Hennessy continues, now with Bogle's son entering the fray. John C. Bogle Jr. yesterday submitted 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, 8/27/2010 and 9/14/2010). 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 [see profile] 11 years ago, which offers a single mutual fund, the Bogle Small-Cap Growth Fund.

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