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Rating:Ex-Templeton CEO Blasts 12b-1s Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, October 26, 2009

Ex-Templeton CEO Blasts 12b-1s

News summary by MFWire's editors

Dan Calabria, a former president and CEO of Templeton Funds Management Corp., has penned a book called Mutual Funds Today: Who's Watching Your Money. The book from the 73-year-old Calabria contains sections such as "Shame on the Fund Industry" (his views on fund firms' shortcomings in keeping fund investors well-informed) and "12b-1 Fees The Multibillion Dollar Boondoggle."

"I think 12b-1 fees are justified, but only as they were originally designed to help the fund sales operations support a servicing effort to be there when the shareholder needs information, and to provide guidance," Calabria told the Associated Press in an interview. "But it's become bastardized."

Calabria started his career with Dreyfus, and then moved to Oppenheimer Funds, before becoming CEO of Templeton Funds in 1986. He left the position in 1992 and served as an independent director on boards for several funds. 

Correction: An earlier version of this story incorrectly stated that Dan Calabria was a former chief of Franklin Templeton.

Edited by: Daniel Tovrov

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