The compromise, announced yesterday afternoon by Mayor Koch, calls for the city to grant the relief to all mutual-fund companies.

In an era of instant gratification, most mutual-fund companies and even some brokerage firms are still denying investors the ability to buy now.

Most mutual-fund companies think they must have a signed application before they can sell shares to investors, even though securities regulations do not seem to require one.

As the country's largest mutual-fund company, Fidelity often comes across as the Boston Behemoth, a monolithic investment machine.

Fund sponsors, including brokerage firms, banks and mutual-fund companies, are responsible for operating and selling funds and often manage the investments as well.

In the 1950's he became outside counsel for the Investment Company Institute, the national organization of mutual-fund companies.

"We have mutual-fund companies looking at spaces of over 100,000 square feet," Mr. Putnam said.

Winston heads the Columbus Group, a mutual-fund company which he founded.

For brokers celebrating their highflying stocks, the big worry may be neither interest rates nor a slowing market, but the mutual-fund companies that challenge them.

It also covers, in Pablo's case, the fees charged by the mutual-fund company managing his money.