Word: cornfeld
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...salesmen leave their jobs just because the boss does not take their advice on company policy, but Bernard Cornfeld is no ordinary salesman. Nine years ago, he told his bosses at Manhattan's Investors Planning Corp., a mutual-fund sales firm, that they ought to expand overseas. The bosses said no; Cornfeld quit. He went overseas himself, set up a company that began by selling mutual-fund shares to G.I.s, has since become the largest mutual-fund sales organization outside the U.S. Last week Cornfeld closed a nostalgic deal to get back into the U.S. mutual-fund field...
Lavish Living. After its start at selling to G.I.s, Cornfeld's Investors Overseas soon spread out to sell to Europeans, has now expanded globally into more than 100 nations. Sales doubled annually from the start, but Investors Overseas really hit its stride in 1962 after Cornfeld launched what he calls the Fund of Funds, which is composed entirely of shares in 16 other mutual funds and management companies. By reinvesting its profits ($1,600,000 last year), Investors Overseas has expanded far beyond mutual funds. It has acquired two life-insurance companies with policies of more than $200 million...
...this has nicely enriched life for Istanbul-born, Brooklyn-reared Bernie Cornfeld, a mild-mannered bachelor of 37 who does not look as if he would ever talk back to his boss. He drives a Lancia Flaminia convertible, sails a 42-ft. Corsair, owns a ski lodge and a castle in France and lives in a lavish villa in suburban Geneva with two Great Danes and a Chinese houseman. He decorates his penthouse office with red silk Empire furnishings and swarms of attractive, multilingual secretaries, trains and entertains his worldwide force of 2,000 salesmen with everything from art lectures...
Living high in Switzerland, Bachelor Cornfeld is hugely satisfied with his worldwide success. Meeting a former social-work classmate recently, Cornfeld was asked what kind of agency he had gone into. Said he: "A preventive agency...
...newborn subsidiary is International Life Insurance Co. ; Cornfeld's agents will push policies as well as funds...