NEW YORK May 4 Vanguard Group Chief Executive Officer Bill McNabb said on Thursday that Morgan Stanley had decided to stop selling its mutual funds because the largest U.S. brokerage by salesforce wants "to be compensated for being on their platform in one way or another, and that's something we just won't do."
McNabb told CNBC that paying fees to brokerages to distribute its funds raises an "inherent conflict."
Morgan Stanley said on Wednesday it would drop funds from the largest U.S. mutual fund firm in an effort to get rid of under-performing and less popular funds.
(Reporting by Trevor Hunnicutt; Editing by Richard Chang)
Sri Lankan shares end slightly higher on foreign buying; tax bill weighs
COLOMBO, June 29 Sri Lankan stocks edged higher on Thursday led by shares of diversified companies as foreign buying continued, while concerns over a proposed tax bill weighed on overall investor sentiment.