In fact, he sits on the boards of three fund complexes, helping them cut costs and improve operations.

Q. What do you receive from the fund complexes for your services?

Perhaps more important, the 120 directors in the 14 biggest fund complexes are by far the most powerful and, presumably, the highest paid.

"People will want to invest with the fund complex that has the best track record."

One mutual fund complex sold $500 million in the first half-hour, representing 25 percent of the volume.

The supermarkets make it easy to buy and sell the shares of various fund complexes.

A fund complex is likely to have all its managers, lawyers and analysts in a central location, many of them wearing several hats.

The companies entrusted with our money are primarily the big mutual fund complexes.

Given that the fund complex manages about $15 billion, most analysts consider it a generous price at 7.3 percent of assets.

The big payoff comes when he sells the whole fund complex, or takes it public.