Anatomy Of A Mutual Fund Steal

Bought for a song, RS Investment makes a comeback

Trying to sell a mutual-fund company during a stock-market meltdown is like hawking a beachfront cottage in a hurricane. That's the bind G. Randy Hecht was in a year ago when he sought a buyer for Robertson Stephens Investment Management, the firm he headed. Many fund companies looked, but not one made even a lowball offer. Hecht and other employees ended up buying the unit for a song from its owner, Bank of America Corp. Now it looks like Hecht got the deal, or perhaps the steal, of the year.

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