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Nothing more than active investing? Blame the hedge funds.


Date: Tuesday, October 21, 2003

Steve Maich: Financial Post- As regulators in the United States rip through the mutual fund industry for evidence of illegal trading, a familiar refrain is emitting from fund companies on both sides of the border: Blame the hedge funds. More than a month has passed since New York Attorney General Eliot Spitzer cracked the lid off the Pandora's box of ethical abuses in the mutual fund industry. Bank of America, Janus Capital Corp and BankOne stand accused of helping shady hedge fund managers to trade illegally in their mutual funds, in exchange for millions in fees. And while many mutual fund companies are now trying to contain the damage from the unfolding scandal, others are turning it to their advantage. Canadian fund companies, for instance, are seizing on Mr. Spitzer's probe as an opportunity to rid their funds of the private hedge managers that have been a major administrative headache for years. For the complete article: http://www.nationalpost.com/financialpost/story.html?id=5B5817DC-9FA6-467C-9C7E-1428EF399E4A