If anyone doubts that Wall Street's turmoil could seep onto Main Street, two words to consider: mutual funds.

One of the scarier revelations of this crisis is just how many troubled banks also own mutual fund companies. Bankrupt Lehman Brothers, for one, owns Neuberger Berman, which it just agreed to sell to two private-equity firms. Wachovia (WB), owner of Evergreen Investments and brokerage A.G. Edwards, has been forced into the arms of Citigroup (C) but hasn't yet given word on what it plans to do with Evergreen or Edwards.

Other banks stoking worries include National City (NCC), Fifth Third Bancorp (FITB) and KeyCorp (KEY), which are all taking a pounding amid the crisis. To raise money, they might need to sell off assets, particularly profitable ones that someone wants to buy. And asset management is generally lucrative thanks to the steady fees investors pay.

National City owns Allegiant Funds, which has about $29 billion under management. KeyCorp owns Victory Capital Management, which has $59 billion under management. Fifth Third Asset Management has $21 billion under management. A spokeswoman for National City denies reports that the bank needs to sell assets, saying the company has sufficient capital to manage through the current financial situation, and pointing out that it just raised $7 billion earlier this year.

The uncertainty is unnerving, to say the least, since most people who invest in stocks do so through mutual funds. But, barring any unforeseen disasters, "I wouldn't worry about the immediate safety of money people have in the funds," says Morningstar fund analyst David Kathman.

But that doesn't mean investors can't still pay a stiff price when funds change hands. Expenses can go up, mainly for new investors, if a no-load fund company sells to a fund company that favors loads. There might be a culture clash and longtime fund managers could leave, causing disarray in portfolios. Some funds might also get absorbed into other funds with very different investment objectives.

Private-equity buyers are a bit different and potentially less meddlesome, which could be good news for Neuberger investors. Neuberger is selling to private-equity firms Bain Capital and Hellman & Friedman, for $2.15 billion. "Private equity is known for cost-cutting, but in the case of something like this, the fund managers are the most important people and you want to make them happy, so I don't think they're going to do anything to alienate them," Kathman says.

As to Wachovia's Evergreen and other asset managers that might get sold off amid the tumult, Kathman says it doesn't hurt to let things play out before deciding if you want to jump ship since, in general, major changes to any one fund should get announced well in advance. "There's usually plenty of warning if you decide you want to get out."