I've had pretty good success investing in foreign stocks, and I think I would do well running a mutual fund. Where can I go to find information on how to start an overseas stock fund?

Uh oh! We get a little nervous when every Tom, Dick or Phil thinks he can pick stocks well enough to run a successful mutual fund. It could be a sign of irrational exuberance. On the other hand, we don't want to discourage anyone who's potentially the next Warren Buffett.

The cost of starting a fund is high. Prepare to spend at least $100,000 to get your fund approved, says Steve Rogé, who launched Rogé Partners fund in 2004. Rogé advises hiring a lawyer versed in mutual fund law, as well as a seasoned third-party administrator, such as Gemini Fund Services, to draw up a detailed preliminary prospectus and to hold your hand during the application process with the Securities and Exchange Commission. It took more than four months to get SEC approval for Rogé's fund (contact the Investment Company Institute for basic information).

After you get approval, you'll need legal counsel for your new fund; a board of directors; an auditor; a transfer agent for back-office services, such as settling trades; a third-party custodian to hold money; a distributor to keep track of shareholder accounts; and an administrator for SEC paperwork.

And did we mention investors? Just to break even, the fund will probably need to have more than $20 million in assets. It helps if you have rich relatives.

MORE: Kiplinger.com | Investing | Mutual Funds | Column

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