MIAMI - Slowing sales and consolidation will change the face of the once high-growth mutual fund industry, according to top fund executives.

Consolidation among mutual fund companies is imminent and portends 20 percent to 25 percent layoffs within the next five years, said Edward J. Boudreau, Jr., former chairman and chief executive officer of John Hancock Funds of Boston and now a fund industry consultant. Those layoffs will hit operations staff particularly hard, Boudreau said.

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