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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Falcon who wrote (5185)	2/16/1999 10:33:00 AM
From: fiberman	Read Replies (1) \| Respond to of 13953

These guys are surely the most aggressive player in their field. They are constantly looking for new businesses. This thing will hit $100.00/Share sometime in 1999!! Tuesday February 16, 9:53 am Eastern Time ETrade to enter asset management PALO ALTO, Calif., Feb. 16 (Reuters) - ETrade Group Inc. said on Tuesday that it received approval from the U.S. Securities and Exchange Commission and the National Association of Securities Dealers to enter the asset management business. The approvals pave the way for the online brokerage to introduce its group of mutual funds and money market funds. ETrade said its newly formed ETrade Asset Management arm plans to launch its first fund -- the ETrade Standard & Poor's 500 Index Fund -- next week. ETrade also plans to introduce additional index, enhanced-index and ''fund of fund'' products during the next 12 to 18 months, the company said. Its customers would be able to invest in these funds through ETrade's mutual fund center, a Destination ETrade feature that offered more than 4,300 mutual funds. ''Adding asset management to our portfolio of businesses is another step in ETrade's strategy to diversify its revenue stream by leveraging its electronic business model and its growing base of online investors,'' ETrade President Kathy Levinson said. Launched in November 1997, the E*Trade mutual fund center also offered Power Search, a state-of-the-art proprietary screening tool, as well as online prospectuses and Morningstar research, including risk measures, portfolio information and historical charts, the company said. The center was offered free of charge. More Quotes and News: E Trade Group Inc (Nasdaq:EGRP - news) Related News Categories: funds, US Market News Help Copyright © 1999 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?