The average expense ratio of the 94 mutual funds administered by Vanguard Group fell almost 4% in 1997, resulting in $800 million in savings to its defined contribution plan clients.
The drop in the average expense ratio from 0.29% to 0.28% last year of average net assets brought Vanguard's expenses even further below those of the rest of the industry. The mutual fund industry's average expense ratio jumped up to 1.24% in 1997 from 1.21% in 1996, according to Lipper Analytical Services.
Moore Foundation, Indianapolis, hired Conseco Capital to manage equities for its $13 million fund, said Martin Moore, chairman and president of the foundation.
Conseco will be assigned $1 million for a broad market equity portfolio.
Funding came from a reallocation among its three existing managers.
The identities of the other three managers weren't available.