At 65, A. Michael Lipper is over the hill. So he was told by his boss, or former boss, Sarah Dunn, chief executive of the company he started, Lipper Inc.

Michael Lipper, of course, is the man who started the mutual fund data research firm. His mistake, if it were a mistake, is that he sold out to Reuters Group plc in 1998. Since then, he hasn't been in charge. According to the Wall Street Journal, Dunn told Lipper that he was no longer needed as a consultant or nonexecutive chairman.

But Lipper's not going to sleep. He'll continue with his own Lipper Advisory Services, which he started in the 1970s. The firm helps institutions and wealthy individuals select mutual funds. It also manages about $750 million and operates a financial services hedge fund.

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