WALL STREET: Mutual-Fund Fight

In the last decade, mutual funds have grown into a $15.8 billion business of 4,300,000 shareholders' accounts, with surprisingly few complaints from investors or the SEC. Last week the industry had its first major proxy fight—a battle for control of Managed Funds, Inc. Partly as a result of the fight, SEC issued new restrictions on operations of mutual funds.

Trouble for Managed Funds began last July when SEC suspended Managed Funds' registration, stopped the sale of its stock. At fault, said SEC, were the fund's founders and chief officers, Hilton H. Slayton and...

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