Western Europe: The Return of Bernie Cornfeld

Few salesmen leave their jobs just because the boss does not take their advice on company policy, but Bernard Cornfeld is no ordinary salesman. Nine years ago, he told his bosses at Manhattan's Investors Planning Corp., a mutual-fund sales firm, that they ought to expand overseas. The bosses said no; Cornfeld quit. He went overseas himself, set up a company that began by selling mutual-fund shares to G.I.s, has since become the largest mutual-fund sales organization outside the U.S. Last week Cornfeld closed a nostalgic deal to get back into the U.S. mutual-fund field—by buying the company he once...

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