Money Managers Prove a Tough Asset Class to Value

Money Managers Prove a Tough Asset Class to Value

With almost a century of experience to go on, you might think the world would have decided by now what a competent mutual-fund manager is worth.

It hasn't. The subject is more hotly disputed than ever, with what amounts to a gaping spread between the ``bid'' and the ``asked.''

Fund management is customarily considered a big-money, high- prestige occupation. A 2005 study put the median pay of ``senior portfolio managers employed by mutual funds'' at $482,000 a year.

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