In the wake of recent corporate scandals involving Wall Street analysts, more fund managers may begin using their own in-house research to pick stocks.

Some Wall Street analysts have been accused in recent months of issuing favorable reports about certain stocks in order to strengthen their firms' business relationships. For instance, well-known tech stock analyst Jack Grubman resigned from Salomon Smith Barney, of New York, after critics accused him of giving companies favorable ratings as a reward for granting Salomon their investment banking business.

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