How loyal is AARP to its Scudder relationship? Not very, suggests a report.

The advocacy group for Americans over 50 is "considering an overhaul of its mutual fund program" and may go so far as to replace Scudder as the subadvisor on some or all of the 38 funds, reports BusinessWeek.

The magazine adds that AARP asked an independent panel to review the funds.

The move comes as AARP comes under attack from some for running anti-Social Security reform advertisements potraying stock investing as gambling, even as it mints millions slapping its name on the Scudder-managed funds. AARP earned $7 million in fees from the funds in 2003, according to the magazine.

In addition, the AARP funds as a group have turned in middling performance considering their costs, say critics. Lipper ranks just one AARP fund in its top 20 percent for the past three years. 

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