Net elite say Schwab winning Web financial
race
Fund industry must go online or face extinction
By David Callaway, CBS MarketWatch
Last Update: 7:00 PM ET May 19, 1999
NewsWatch
WASHINGTON (CBS.MW) -- Charles Schwab Corp. is winning
the race to become the dominant online financial services
provider, a panel of senior Internet executives said Wednesday.
Schwab (SCH: news, msgs) is already the
largest online broker in an industry that
claims some 6 million Internet trading
accounts. Still, the fund industry boasts more
than 77 million individual mutual fund
accounts, and that market is only beginning
to be tapped, the executives said.
"The game today is pretty much over with the
models cast and I think Schwab the winner in
this paradigm,'' Richard Owen, head of Dell
Online, the online business for Dell Computer
(DELL: news, msgs), told a group of about
1,000 fund executives at mutual fund trade
group Investment Company Institute meeting
in the nation's capital.
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