Mutual fund managers are tipping their caps to interim chief John Reed as the New York Stock Exchange preps itself for a makeover. But industry lobbyists suggest that the proposed governance structure fails to provide adequate representation.

An overwhelming majority of fund managers believe Reed is demonstrating effective leadership of the 211-year-old exchange, according to a recent survey by Broadgate Consultants of New York. The poll revealed that nearly three-quarters of the 115 fund managers who participated believe his efforts will help right the ship in the aftermath of Dick Grasso's forced resignation.

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