, 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.
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