Mutual funds bombard investors with detail — but still don’t always tell them what they need to know.

Consider the case of Daniel J. Rice III, co-manager of several BlackRock funds that invest in energy and other natural-resources stocks. Experts say his personal dealings raise questions about what information investors are entitled to and how closely the fund industry monitors its employees.

As this column reported two weeks ago, BlackRock hasn’t disclosed in any of its public filings that Mr. Rice also has a multimillion-dollar side business in the energy industry. A BlackRock spokeswoman says the firm didn’t disclose these relationships because it isn’t required to.

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