Mutual Funds: Cornfeld Dumped

Bernard Cornfeld, former social worker and founder of the world's largest mutual fund complex, last week joined the army of the unemployed. Shareholders of his Geneva-based Investors Overseas Services, Ltd. gathered at the annual meeting in Toronto to elect a chairman and directors, and Cornfeld failed to attract enough votes for a seat on the board. The new chairman is Sir Eric Wyndham White, 57, who has acted in that role since Cornfeld was ousted as chief last May.

Speaking in an unruffled monotone, Sir Eric chaired the six-hour Toronto meeting. "We do not seek and we do not need...

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