NEW YORK - Even if there is a zero net flow of investments in the mutual fund industry, small fund complexes should be able to win new customers, according to an industry analyst.

"The industry could have zero cash flows and there will be opportunity for small fund managers," said Avi Nachmany, co-founder and director of research for Strategic Insight of New York. "You can always take business from one of the larger companies. This cash flow schtick is totally misleading."

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