The fund industry will only be a "shadow of itself," warns Jim Rogers. The now-retired former partner of George Soros gave his warning in the April edition of Plan Sponsor magazine.

"A decade from now the US mutual fund business will be a shadow of itself," he told the magazine. Rogers sees the US fund industry as following in the footsteps of the fund industry in Japan.

Meanwhile, Rogers resides in New York City and manages his own private portfolio. He said he has been recently investing in commodities but believes that the run in that sector may be over. He has also just published his second book, Adventure Capitalist, which is a sequel to Investment Biker.  

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