TFC Happenings
TFC Welcomes Jack Bogle
Jack Bogle, founder of Vanguard, was in Boston in May to speak before 1,500 investment professionals at the Chartered Financial Analysts (CFA) Conference. He graciously dropped by TFC's office at 30 Federal Street for a visit and reiterated to us all what he has been championing for some time—mutual fund management fee reductions, more transparency, more reasonable portfolio manager compensation formulae, and a renewed commitment to fiduciary standards of conduct.
This, of course, is a message not all that welcome in today's money management world. However, Jack and his Vanguard Group have the practical proof of the relevance of his lifelong mission. Today, Vanguard is the largest mutual fund management company in the U.S. and took in 60% of the mutual fund industry's cash flow last year.