In the past two years, wirehouses like Bear Stearns, Morgan Stanley and PaineWebber have introduced mutual funds that invest in stocks that are recommended by their firms' equity analysts.

Some mutual fund analysts question whether the funds are compromised by the fact that these wirehouses are also involved in investment banking. And financial planners say that the funds lack a clear-cut investment style.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.