Enron's bankruptcy has obviously affected the portfolios of several mutual funds. And other notable chapter 11 filings including Global Crossing and K-Mart, has also been a factor in at least one fund complex's decision to add analysts with accounting backgrounds to its research department. In fact, the demand for buy-side analysts with accounting savvy is on the rise, according to industry executives.

Fremont Funds, a San Francisco-based no-load fund complex with more than $3 billion in assets under management, recently hired two new securities analysts with strong accounting backgrounds to help the company's research efforts. While Enron's troubles were not directly responsible for the new hires, the increasing complexity of corporate financial statements, methods of accounting and voluminous changes to accounting rules over the past decade prompted the hiring of specialized analysts, company officials said.

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