Morningstar should stick to their knitting, which is measuring investment returns, ... They do not have the expertise to judge companies' corporate governance.

Ron is very well respected by the investment and managed care communities and has demonstrated strong operational expertise in the Aetna turnaround.

The investment by an individual partner depends in their core strengths, vertical expertise and size. We have three levels and each requires an increasing level of commitment in terms of quarterly and annual revenue as well as resources that must be certified on IP3 products. Similar criterion applies to marketing events required with each level. IP3 is looking to grow our channel partner program and does not have a specific upper end for membership.

It could have gone further. They've made a step forward, but it's not a giant step. The question is whether they're able to alter conduct. Time will tell.

It didn't seem to work.

Bob's big challenge is developing the perception within his own system that buying proprietary funds won't hurt you.