If you have money to spare and no felony convictions, you too can start your own mutual fund.
The Investment Company Institute, a mutual fund trade group, says this is what you need:
+An initial $100,000 to invest in the fund.
+Registration with the U.S. Securities and Exchange Commission and with securities regulators in each state where you plan to sell the fund.
+A lawyer to draw up incorporation and registration documents, prepare contracts and advise you on compliance with all the laws that apply to funds.
+Officers and a board of directors.
+An SEC-registered investment adviser to manage the fund's portfolio.
+An administrator to supply business services.
+A registered broker-dealer to act as principal underwriter for the fund's shares.
+A qualified custodian (usually a bank) to hold the fund's cash and securities.
+A transfer agent to maintain records of shareholder accounts.
+An independent public accountant.
+A plan for marketing the fund's shares, either directly to investors or through stockbrokers and financial advisers.
_ HELEN HUNTLEY