The fund industry has wandered off its roots, says Vanguard founder John Bogle, and we'd be...

|By:, SA News Editor

The fund industry has wandered off its roots, says Vanguard founder John Bogle, and we'd be better off if conglomerates can't own mutual funds: "This used to be an industry based on stewardship and not on salesmanship." Only eight of the top 40 mutual fund firms are privately held, vs. publicly traded firms like Legg Mason (LM), Franklin (BEN) and Janus (JNS).