Bankers Trust New York Corp.'s global investment executive has some advice for U.S. money managers looking to expand overseas: If you plan to rely on your American name and ways of doing business, you might as well stay home.

"One of the biggest fallacies one could fall into-and American institutions tend to be very good at it-is they think what products and delivery channels work there will work here," said Paul M. O'Donnell, managing director. "It's rubbish."

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