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To: TFF who wrote (770)	3/12/1999 11:48:00 AM
From: TFF	Read Replies (1) \| Respond to of 2802

ETrade starts venture capital fund By Sandeep Junnarkar Staff Writer, CNET News.com March 12, 1999, 7:00 a.m. PT With its growing prominence in the online trading sector, ETrade today announced it is starting a $150 million venture capital fund targeted at investments in new trading technologies. Also, taking advantage of the company's surging stock prices, ETrade's second-biggest investor pulled nearly half of its stake. "ETrade plans to continue to expand its position in relevant emerging businesses and new technology platforms to ensure we achieve our long-term vision of global leadership in electronic personal financial service," said ETrade chief executive Christos M. Cotsakos. Microsoft, Intel, and most recently Dell Computer, have started their own venture capital divisions to put their growing cash surplus to work. The company also appointed two new executives, tapping Thomas Bevilacqua to be executive vice president of corporate development and general counsel, and Stephen Richards as senior vice president of corporate development and new ventures. Bevilacqua, a partner of the San Francisco law firm of Brobeck, Phleger & Harrison, is a securities and corporate law expert in the areas of high-tech venture capital investments and mergers & acquisitions. Richards will oversee ETrade's initiatives in Electronic Communications Networks (ECN) to maximize the value of the company's recent investments in the Archipelago ECN and International Securities Exchange (ISE), the first fully electronic options exchange. He will also evaluate other opportunities to integrate advanced electronic trading platforms into the company's global strategy. "These two appointments, as well as our new Venture Fund, are designed to further position E*Trade as an industry leader and innovator in advanced technologies and new emerging e-commerce markets," Cotsakos added.