thanks, paul. maybe i won't transfer my Q&R account just yet. <vbg>
it's a remnant from the early '90s that i've never bothered with much.
this is over a month old, but it's got a couple decent tidbits. just a small attempt to try and get this board rolling too.
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Fleet may spin off Suretrade Net brokerage
By Bloomberg News
Special to CNET News.com
March 11, 1999, 4:00 p.m. PT
Fleet Financial Group shares rose after the company said it may seek to boost "shareholder value'' by entering a joint venture or taking public its Suretrade Internet brokerage.
Boston-based Fleet said it expects Suretrade, which has opened 250,000 accounts, including 45,000 in the latest quarter, will be profitable in the first quarter of 1999. The brokerage, started in November 1997, is part of Quick & Reilly/Fleet Securities, the eighth-largest online broker with 11,500 customer trades per day.
Fleet shares closed up 0.6875 today to 44.6250.
Fleet said it is "examining options to realize maximum shareholder value for Suretrade, including evaluating potential joint ventures or a spinoff for purposes of an initial public offering.'' Suretrade has customer assets of $1.1 billion.
"They've got impressive account growth but the trading activity doesn't suggest their customers are the most active,'' averaging less than a trade a month, said Scott Appleby, analyst with ABN Amro Inc. "It's a decent brand,'' and could be worth $250 million to $500 million based on a value of $1,000 to $2,000 per account, he said.
Donaldson Lufkin & Jenrette and Toronto-Dominion Bank have said they're considering taking their discount online brokerage businesses public. |
