Rising interest in hedge fund-like mutual funds among advisors and investors have driven service providers and fund managers alike to adjust their businesses to account for legal and tax ramifications of serving and operating alternative mutual funds.

Executives gathered last week at the Investment Company Intitute's 2012 Tax and Accounting Conference in Orlando to talk about best practices for dealing with these complex products. Money Management Executive spoke with Terry Gallagher, Executive Vice President at UMB Fund Services and moderator of the Operational Challenges Affecting the Treasurer's Office panel, which included Joseph Kauten, treasurer, Waddell & Reed and Ivy Funds, Dave Longhurst, treasurer, Dodge & Cox Funds, Amy Olmert, managing director, Legg Mason and Jay Oprins, chief financial officer, Jackson National Asset Management, about how firms are looking to address issues surrounding complex products.

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