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The article cites a claim that ETFs for private investors sometimes charge management fees of 80-90bps. As the Investment Association wrings its hands over the fees issue (and simultaneously washes them of it), it's instructive that the culture of the asset management industry continues - in this example, at least - to be disdainful of the poorly-informed, even preying on them. This is an extraordinarily counter-productive attitude in a service industry.